Colombian auto market shows signs of recovery 2024. Total sales in August reached 15,567, up by +12.2%. YTD figures totaled 110,205 units, down 0.4% compared to the previous year, but the trend suggests a potential rebound. Kia rose 3 spots into 2nd (+42.3%).
Colombia is the fourth-largest economy in Latin America, with a GDP of around USD 350 billion in 2022, and a population of 52 million. Colombia has consistently grown faster than the Latin American average over the past decade, supported by the peace deal with FARC guerrilla movement in 2016, still notably poorer than the regional average in per capita terms. It is a member of the Pacific Alliance trade bloc along with fellow members Chile, Mexico, and Peru, and joined the OECD in 2020.
Despite having a solid macroeconomic institutional setting, grounded on a rules-based fiscal framework, it has experienced economic slowdown in recent years, with economic expansion projected at 1.3% in 2024. Stagnant poverty rate, inequality and labour market imbalances offset positive measures employed to sustain post-pandemic recovery.
Despite the negative economic outlook, the colombian vehicle market seemed to recovery in August 2024, reaching 15,567 monthly sales (+12.2%). YTD sales up to 110,025 units (+0.4%).
Looking at cumulative data up to August 2024 brand-wise, Toyota -up 1 spot- ranked in 1st with 16,387 sales (+2.3%), followed by Kia – up 3 spots- into 2nd with 15,572 (+42.3%).
Renault -down 2 spots- ranked in 3rd with 14,455 sales (-20.2%), followed by Mazda at 10,674 (-4.7%), Chevrolet -down 2 spot- at 10,098 (-13.2%), Suzuki at 7,060 (-1%) and Nissan with sales 6,945 (-29.7%).
Volkswagen achieved 8th position with 5,597 (+10%), followed by Ford in 9th at 4,548 (+14.2%) and Hyundai with 3,350 sales (-8.5%).
Looking at cumulative data for the best selling models, the Toyota Corolla Cross -up 1 spot- became the best-selling model, increasing by 7.8% in year-on-year volume, followed closely by the Mazda CX-30 -up 7 spots- up 60.2%.
Medium-Term Market Trend
In the last decade the Colombian light vehicle market has had many ups and downs. Starting in 2010 at 230,770 sales the market grew 39.5% in 2011 reaching the current all-time high at 321,887. The brief uptrend reversed in the following year falling 5.3% in 2012 and 6.5% in 2013 ending the year at 284,879 registrations. In 2014 the market grew 11.1% back up to 316,482 sales, to drop back down in the following year. From 2015 to 2018 the light vehicle market remained in a downtrend reaching a low of 257,173 by the end of 2018.
Before the pandemic the Light vehicle market in Colombia grew a slight 2.3% in 2019, but by march 2020 the market began to collapse reaching by the end of the year a variation of -30%, with sales at 184,057.
2021 was a great year of recovery for the Colombian market that grew 36.1% to 271,835 sales. The trend continued in 2022, while declining in the second half, anticipating the start of a negative trend, with sales at 262,595 (+4.8%).
The negative economic outlook was mirrored by the Colombian four wheelers market, which in 2023 dropped at 186,826 sales (-28.9%).
Tables with sales figures
In the tables below we report sales for all Brands and top 10 Manufacturer Groups.
