Latin America’s Automotive Market up to October 2024 reported 4,05 million sales (+0.7%). Though the largest markets Brazil (+14.7%) and Mexico (+9.9%) posted double-digit growth, Argentina slowed regional sales down with a 9.8% loss in volume.
Medium-Term Market Trend
The Latin American market is the 4th largest sub-regional market in the world, reporting 4.9 million sales in 2023 (+4.1%). It includes sales from 41 countries but is heavily influenced by the largest countries Brazil, Mexico and Argentina.
Diving into the past, yearly sales have fluctuated in the 5-6 million range from 2010 to 2020, with the current all time high set in 2013 at 6.5 million registrations.
In 2020 the pandemic hit the region hard, cutting volume by 26.7% and bringing registrations down to the 10 year low at 4.1 million. Following the pandemic the market has shown strong signs of recovery boasting a 3 year year positive string, with sales in 2023 closing just below the 5 million mark.
Market Trend and Outlook
Automotive sales in Latin America didn’t continue last year’s momentum in previous months. Still, in October 2024, the market grew 5.6% in monthly sales, totaling 465,973. YTD figures reached 4,05 million, up by 0.7%. This shows that although certain markets grew, other shrank to counterbalance it. In particular, Brazil and Mexico, holding a total share of 79%, posted positive growth while Argentina and Chile, with a share of 14%, decreased in year-on-year volume.
Brazil was still the major market in Latin America, holding 49.3% market share with 1,99 million cumulative sales (+14.7%). Mexico followed in second with 1,19 million new registrations so far and a 9.9% increase in year-on-year volume, securing a market share of 29.6%.
Lagging far behind in third place is Argentina, with only 331,613 new registrations, dipping 9.8% in YTD volume. Chile followed in 4th with 241,684 sales (-5.8%).
Colombia ranked in 5th with 138,617 new registrations (+1.2%), followed by Uruguay -up 2 spots- at 49,356 (+8.4%) and Costa Rica -up 4 spots- with only 25,697 cumulative sales (+4.8%).
Panama -up 4 spots- ranked in 8th with 24,668 new registrations (+4.1%), followed by Dominican Republic -up 4 spots- at 17,029 sales (+4.4%) and Guadeloupe -up 4 spots- closing the top 10 with 11,833 new vehicles (-0.8%).
Tables with sales figures
In the tables below we report sales for the top 10 countries.
