Latin America’s Automotive Market in 2020 is heavily affected by the Coronavirus pandemic, which kept spreading through the countries. Indeed, Full Year sales have been 4.2 million, reporting a fall of 27.4%. While Brazil and Mexico followed the market trend, stronger losses were registered by Ecuador.
Medium-term market direction
The Automotive industry was recovering in recent years. Indeed, following the previous three years of difficulties, mainly driven by the decline of Brazilian and Argentinian markets, in 2017 the Latin American market was recovering, ending the year with a total of 5.6 million light vehicles sold. However, after reporting a positive performance in 2018 with over 6 million sales, the market fell 2.6% in 2019 with near 5.9 million units sold.
The Latin American market was hit extremely harshly in 2020 as the global COVID-19 pandemic has impacted sales tremendously, especially in those countries with the more precarious healthcare systems.
In Q1 2020 the market was already affected by the pandemic starting from March, in fact, sales were already down 7.2%. In the First Half sales dropped further (-33.7%) but the market began a slow recovery in Q3, falling by 23.8%.
Full Year 2020 sales have been only 4.2 million, reporting a 27.4% decrease compared to the previous year.
Brazil and Mexico – where the number of new confirmed Covid-19 kept increasing – almost matched the market trend, losing respectively 26.5% and 28%. Larger losses were registered for Ecuador.
Tables with sales figures
In the tables below we report sales for the top 10 countries.
