Colombia Vehicles Market in 2015 dropped in double-digit hit by weak economy and record low peso. Following the boom in vehicles sales during the last decade the market paused in the last 9 months of falls.
Economic Outlook
Colombia’s economy accelerated in Q3 2015 compared to the previous quarter and grew at the fastest annual rate since Q4 2014 thanks to strong total consumption. Data through Q4 painted a mixed picture of the economy.
While industrial production grew at the fastest rate since March 2014 in November, consumer confidence fell in December. Exports continued to shrink in December, mainly due to falling oil prices, but at a slightly softer rate than in the previous month.
The oil price slump has weighed heavily on the Colombian peso, which reached a new all-time low against the USD at the end of January. Meanwhile, El Niño has been causing severe droughts and forest fires in the country, further impoverishing already-fragile rural populations.
Market Outlook
According to data released by ASOPARTES, the Colombian Associations of car manufacturers, the 2015 was a year to be forgotten as far as car sales in Colombia. The market was hit by weak economy and the record low level for Colombian peso against USD for not supporting importers to push sales with aggressive rebates.
At the end of the year sales had been 283.267, down 13.1% from the previous year, with all the last nine months declining year-on-year.
The market leader, Chevrolet, has lost more than the market with figures at 66.781 (-19.1%) and 23.7% of market share. Behind, Renault has lost only 3.7% at 49.080 units and Kia 12.7% at 28.184.
Tables with sales figures
In the table below the top 50 brands data.
