Panama 2022. Auto Market Doubled Driven By Strong Toyota, Hyundai And Kia Sales

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Panama Auto Sector reported a dramatic growth in 2022. Sales grew at 42.169 sales (+107.7%) with an amazing performance for all traditional OEMs, plus the fast growth of Chinese new challengers.

Market Trend Year to Date

The Car market is now on the road to recover the over 50.000 annual sales level always achieved between 2013 and 2018, before to decline sharply, initially for new rules and taxation and then for covid19 effects.

Following the already fast recovery reported in the previous year, in 2022 the market over doubled the volume achieving 42.169 sales (+107.7%) with an amazing performance for all traditional OEMs, plus the fast growth of Chinese new challengers.

Brand-wise, the previous year Suzuki leadership ended in short, as the traditional market leader, successfully recovered an over 10k annual sales level.

So Toyota was back on top increasing near five times the sales from the previous year.

In second place Hyundai with a strong gain as well (+266%) followed by Kia (+310%).

In fourth place Suzuki (-34%) ahead of Nissan (+185%), Mitsubishi (+29%), Honda (+87%), Chevrolet (+9%) and Isuzu (+402%).