Ecuador 2020. Auto Market Lost 13% Hit By Pandemic

Ecuador car market
The 2019 Chevrolet Blazer

Ecuadorian vehicles market in 2020 breaked the growing series. Light vehicles sales have been 148.492 (-13%) anyhow resulting as the second best results ever.

Economic Environment

On the heels of the sharpest GDP contraction in at least two decades in Q2 owing to the Covid-19 shock, available data suggests that conditions improved somewhat in Q3, but remained downbeat overall.

Although the decline in economic activity eased from April’s collapse through July, it sharpened slightly again in August. Moreover, following weather-related disruptions to the country’s two main pipelines that sent oil production crashing in Q2, output rose by around 50%, on average.

However, the recovery in oil prices was cut short and plateaued for the entire third quarter, while crude production was still down year-on-year in that two-month period. Additionally, credit growth slowed for the sixth month running in August, hitting a near four-year low, which, coupled with sustained and significant import compression in July–August, hints at internal demand still struggling to gain traction.

Market Trend

The Ecuadorian vehicle market has been affected in 2020 by the global COVID-19 pandemic, which impacted sales significantly due to the lockdown periods and reduced pro capita income.

Of course the market declined, ending the golden period started over a decade ago.

Sales have been 148.492 (-13%) anyhow resulting as the second best results ever.

Brand-wise, Chevrolet confirmed the historical leadership selling 43.932 vehicles  (-31.0%) with 29.6% of market share.

In second place Kia was stable with 26.837 sales (+1.5%) and 18.1 % of share.

Toyota was third with 11.474 units (-8.2%) and 7.7% of share.

Behind, Hyundai (-0.9%), Chery (+12.2%), Suzuki (-16.2%), Renault (+37.2%), Mazda (+1.2%), Nissan (-13.0%) and Great Wall (-2.4%).