Costa Rica. Toyota holding 28.4% of a market down 3 years in a row

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Costa Rica autos market
Nissan-Qashqai-2018

Costa Rica autos market in 2019 registrations are still declining but with lower speed. Indeed, Year to Date November sales in 2019 have been 32.370, projecting the full year at 34.769, down 12%. Almost half of the market is held by the Top 3 brands, where Toyota detains 28.4% of share, followed by Suzuki and Nissan

Economic Environment

Costa Rica’s economy likely regained traction in the third quarter, after growth slowed to a near one-decade low in Q2. Economic activity growth accelerated in September for the third consecutive month, likely in part on a small reduction in the unemployment rate from the previous month. However, despite the five separate interest rate cuts made by the Central Bank in the first nine months of the year, bank lending decreased in Q3 for the first time in nine years amid a slump in business and consumer confidence in the quarter.

 Turning to the fourth quarter, growth should gain further steam, as suggested by an uptick in consumer confidence in the quarter. Furthermore, recent interest rate cuts should gradually support bank lending, benefiting private consumption and fixed investment.

Market Trend

Costa Rica autos market in 2017 pushed the brake after three consecutive all time record with total vehicles sales at 51.875 units, down 13.0% from the previous year. In 2018 the market trend worsened, ending the year with sales at 39.530, down 20% from 2017.

In 2019 registrations are still declining but with lower speed. Indeed, Year to Date November sales in 2019 have been 32.370, projecting the full year at 34.769, down 12%.

In the competitive landscape, almost half of the market is held by the Top 3 brands, where Toyota detains 28.4% of share, followed by Suzuki and Nissan.

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