Brazil 2024. BYD Jumps In Top 10 In A Fast Growing Market

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Brazilian Vehicles Market first step into 2024 was quite fast. New car sales in February reach 155,283 (+29.6%). While the battle for the leadership is still a Fiat vs Volkswagen affair, behind the Chinese BYD jumped in 10th place, up 13 spots.

Market Trend and Outlook

Brazil’s economy has been surprisingly resilient this year. Deloitte states: “Inflation-adjusted wages continue to grow at a relatively rapid clip as consumer price growth slowed. More recently, the labor market has tightened, and consumer confidence has soared. As a result, consumer spending is growing at a respectable rate. Pushing inflation lower will be more challenging from here. A lack of improvement on the inflation front will likely restrain consumer spending as real wage growth and interest-rate cuts slow.”

This growth in consumer spending has pushed the Brazilian Vehicles Market higher and higher, totalling 155,283 new sales in February, up 29.6% from the previous one. YTD sales reach 307,345 units (+22.8%). 

Looking at cumulative data from February 2024 brand-wise, Fiat reported the most sales at 65,178 (+18.1%), followed by Volkswagen -up 1 spot- at 46,050 (+26.8%) and Chevrolet -down 1 spot- with 35,447 sales (-14.1%).

In 4th ranks Toyota with 27,118 sales (+9.5%), followed by Hyundai at 26,198 (+29.4%), Renault -up 1 spot- with 17,346 (+18.5%), Jeep -down 1 spot- with 16,645 (-5.3%), Nissan with 11,930 sales (+43.0%) and Honda with 10,598 (+42.1%).

BYD grows 13 spots while ranking in 10th spot, reporting 8,728 new vehicle registrations (+2227.5%).

Looking at specific models the Fiat Strada maintained leadership as the best selling car, despite growing just 19.9% in year-on-year volume. The Volkswagen Polo followed in second, up 15 spots in the rankings (+160.7%).

Medium-Term Market Trend

The Brazilian vehicles market has had a few ups and downs in the past decade, with 2012 registering the highest levels for the following years. Previously, starting in 2010, the market rose for two consecutive years reaching 3.6 million sales in 2012. In 2013 the Brazilian market began a 4 year negative trend falling a maximum of 25.6% in 2015 and reaching 2 million sales in 2016. Luckily from 2017 to 2019 sales grew,  reaching 2.7 million sales.

In 2020 The COVID-19 pandemic has caused severe human suffering and triggered a deep recession in Brazil. The demand for consumer’s goods declined and light vehicles sales fell below the 2 million mark, first time in the decade.

Although the economy recovered in 2021 (GDP +5.0%) the basic trend was still weak. In fact, 2022 slowed down 0.9% with inflation rates jumping up and the demand remaining weak.

Projections for 2023 were not looking good due to the continuous price increases in parallel with the adoption of more safety rules and the shift towards electrification. Despite this 2023 reported a total of 2.18 million sales, posting an 11.3% increase from the prior year.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturer Groups, and top 10 Models.

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