Venezuelan Auto Market in 2019 reported a strong recovery, interrupting the six consecutive years decline. Indeed, the Full-year ended at 1.723, up 21.7% from the previous year. Toyota held the throne, holding over 50% of the market.
Economic Environment
Following international censure of Maduro’s fraudulent 2018 reelection, the head of the National Assembly, Juan Guaidó, became interim president in January 2019. Venezuela has the world’s largest proven oil reserves, but production has plummeted because of corruption and mismanagement of the state-owned PDVSA oil company.
Market Trend
Venezuelan auto market had been the third largest in South America few years ago, before than the economy was destroyed by dictatorships. Just in the 2012 the market declined at 126.000 units, but in the following sixyears it dropped to near zero. Indeed, according to data released by the CAVENEZ, the local association of car manufacturers, in 2017 total vehicles sales have been 2.461, down 18.0%, while in 2018 crumbled at 1.415 units.
In 2019, the market started recovering. Indeed, the Full-year ended at 1.723, up 21.7% from the previous year.
Brand-wise, Toyota held the throne, holding over half of the total market, followed by the Ford and Jeep.
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