Panama 2014. Auto Market hit the new all-time record

Panama Auto Market

Panama Auto Market hit the new All-Time record in 2014 with sales near 60.000 fueled by strong consumer demand. Toyota boomed sales and overtook Hyundai on top of the ranking.

In December 2014, according to data released by A.D.A.P., the Asociación de Distribuidores de Automóviles de Panamá, total new Light Passengers Vehicles sold have been 4.410, up 3.5% from the correspondent period last year.

Full Year 2014 sales in Panama had been 59.692, up 17.0% from 2013, hitting the new all-time record.

Recent data suggest that GDP growth easily surpassed the 6.0% mark in Q4 and in 2014 as a whole. Moreover, the economy is expected to continue on a steady growth path.

Unlike last year, when growth was driven primarily by large infrastructure projects, economic activity this year will be sustained by different service-oriented sectors such as trade and logistics, banking and insurance, as well as tourism.

President Juan Carlos Varela, just seven months into his administration, is actively cracking down on corruption and pushing for more prudent fiscal spending.

Meanwhile, the Panama Canal expansion project is roughly 90% complete and the new waterway is scheduled to open for traffic early next year.

The automotive market has a new leader because Toyota overtook Hyundai on top of the list with 14.223 sales in the year, up 22.8% with a market share of 23.8%, up 1.1 points of share.

Negative was the performance of the former leader Hyundai with sales at 10.640 units (-8.4%) and share at 17.8%, down 4.0 points.

Third was Kia with 9.635 sales (+21.8%) followed by Nissan with 6.652 (-10.6%) and Chevrolet with 2.999 units (+47.4%).

As far as the car groups performance and ranking, the leader was Hyundai-Kia with 34.0% of market share, ahead of  Toyota with 23.8% and  Renault-Nissan  with 11.1%.

Research, Consulting, Data & Forecast

F2M covers intensively this market with several products developed to help any investigation required. Market Researches in PDF are immediately available for download with study on the market since 2005 and with forecast up to the 2025. AutoData in EXCEL are immediately downloadable with annual sales volume, split by month, for all brands and all models distributed in the market. This year data are released year to date, but you will receive a monthly update until the year-end.  See details within Panama Corner Store

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