Colombian Auto Market in 2024 grew 8.4% in 2024, rebounding from the previous year’s decline. Toyota took the lead over Renault, but Kia’s rapid rise in third now threatens its dominance.
Economic Environment
Colombia’s economy is set to grow by 1.8% in 2024, with recovery strengthening to 2.7% in 2025 and 2.9% in 2026, supported by improving investment and steady consumption. Inflation is gradually declining, expected to reach the 3% target by 2026, but fiscal and current account deficits pose major risks.
While investment has begun to recover and unemployment remains low at around 10%, fiscal revenue shortfalls could lead to spending cuts, straining public investment. Monetary policy remains restrictive, with gradual easing expected, while oil price fluctuations and external uncertainties may impact growth. Fiscal prudence, tax reform, and better spending efficiency will be key to sustaining debt stability and boosting long-term investment.
Automotive Industry Trend and Outlook
Colombia’s EV segment reported solid growth in 2024, up by 113.9%. Reaching 4.5% of the total vehicle market, the country positioned itself at the forefront of EV adoption in Latin America.
BYD dominated with a 66% share and 106.3% growth, while Chevrolet and Volvo followed, growing fast but trailing far behind.
The overall vehicle market rebounded, rising 8.7%, though it still fell short of the 200,000-unit mark.
Looking at full-year data for 2024 brand-wise, Toyota -up 1 spot- ranked in 1st with 27,023 sales (+4.2%), followed by Renault -down 1 spot- into 2nd with 25,339 (-4.1%). Kia -up 2 spots- ranked in 3rd with 24,251 sales (+54%).
Chevrolet -down 1 spot- ranked 4th with 19,605 (-17.8%), followed Mazda -down 1 spot- at 17,968 (+2.2%), Nissan -up 1 spot- at 12,211 (+25.4%) and Suzuki -down 1 spot- with sales 10,814 (+4.1%). Volkswagen achieved 8th position with 8,220 (+22%), followed by Hyundai in 9th at 7,206 (+40.5%) and Ford in 10th with 7,128 sales (+10.1%).
For what concerns the best selling models, the Mazda CX-30 became the new best-selling model, growing 36.1% and 2 spots into 1st. The Toyota Corolla Cross followed in 2nd, up 31.7%.
Medium-Term Market Trendà
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.
