Colombia 2024. Vehicle Market Continues Crumbling In March

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Colombian auto market is down by double-digits in 2024. Total sales in March reached only 13,261 (-22.6%). Toyota becomes the new market leader with a 2-spot increase (+11.1%), holding 16.1% of the market share.

Market Trend and Outlook

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.

This negative economic outlook seems to have the upper hand on the vehicle market, which has dropped to 13,361 sales in March (-22.6%), continuing a 20-month negative streak. YTD sales up to 40,567 units (-13.6%).

Looking at cumulative data up to March 2024 brand-wise, Toyota -up 2 spots- ranks in 1st with 6,541 sales (+11.1%), and Renault is down 1 spot into 2nd with 5,087 (-34.7%).

Chevrolet -down 1 spot- ranks in 3rd with 4,754 sales (-27.0%), followed by Kia at 4,063 (+12.9%), Mazda at 2,400 (+5.3%), Nissan -up 1 spot- at 2,562 (+47.2%) and Suzuki -down 1 spot- with 1,952 sales (-28.2%).

Ford gains 2 spots into 8th with 1,757 (+28.3%), followed by Volkswagen -down 1 spot- in 9th at 1,454 (-13.8%) and Hyundai -down 1 spot- with 995 sales (-29.5%).

The Toyota Corolla Cross becomes the best-selling model gaining 12.5% and 2 spots from the previous year, followed closely by the Mazda CX-30 up 326.6%.

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.

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