Colombia 2024. Vehicle Market Momentum Continues In October (+36.4%)

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Colombian Auto Market posts signs of growth in 2024. Monthly sales in October reached 17,424 units, up by +36.4%. YTD figures amounted to 143,768, up 5% compared to the previous year. Toyota became new leader while Kia rose 3 spots into 2nd.

Colombia is the fourth-largest economy in Latin America, with a GDP of around USD 350 billion in 2022, and a population of 52 million. It has been growing consistently faster than the Latin American average over the past decade, supported by the peace deal with FARC guerrilla movement in 2016, still notably poorer than the regional average in per capita terms. It is a member of the Pacific Alliance trade bloc along with fellow members Chile, Mexico, and Peru, and joined the OECD in 2020.

Despite having a solid macroeconomic institutional setting, grounded on a rules-based fiscal framework, it has experienced economic slowdown in recent years, with economic expansion projected at 1.3% in 2024. Stagnant poverty rate, inequality and labour market imbalances offset positive measures employed to sustain post-pandemic recovery.

Despite the negative economic outlook, the colombian vehicle market showed signs of growth in October 2024, reaching 17,424 monthly sales (+36.4%). YTD sales stood at 143,768 units (+5%).

Looking at cumulative data up to October 2024 brand-wise, Toyota -up 1 spot- ranked in 1st with 21,022 sales (+5.6), followed by Kia – up 3 spots- into 2nd with 20,524 (+46%).

Renault -down 2 spots- ranked in 3rd with 19,035 sales (-13.8%), followed by Mazda at 13,948 (-1.3%), Chevrolet -down 2 spot- at 12,432 (-13.8%), Suzuki at 9,344 (+5.4%) and Nissan  with  sales 9,120 (+27.9%).

Volkswagen achieved 8th position with 7,263 (+12.5%), followed by Ford in 9th at 5,844 (+11.1%) and Hyundai with 4,851 sales (+11.3%).

Looking at cumulative data for the best selling models, the Mazda CX-30 became the new best-selling model, growing 43.1% and 5 spots into 1st. The Toyota Corolla Cross followed in 2nd with 6,293 units sold, up 23.2%.

Medium-Term Market Trend

In the last decade the Colombian light vehicle market has had many ups and downs. Starting in 2010 at 230,770 sales the market grew 39.5% in 2011 reaching the current all-time high at 321,887. The brief uptrend reversed in the following year falling 5.3% in 2012 and 6.5% in 2013 ending the year at 284,879 registrations. In 2014 the market grew 11.1% back up to 316,482 sales, to drop back down in the following year. From 2015 to 2018 the light vehicle market remained in a downtrend reaching a low of 257,173 by the end of 2018.

Before the pandemic the Light vehicle market in Colombia grew a slight 2.3% in 2019, but by march 2020 the market began to collapse reaching by the end of the year a variation of -30%, with sales at 184,057.

2021 was a great year of recovery for the Colombian market that grew 36.1% to 271,835 sales. The trend continued in 2022, while declining in the second half, anticipating the start of a negative trend, with sales at 262,595 (+4.8%).

The negative economic outlook was mirrored by the Colombian four wheelers market, which in 2023 dropped at 186,826 sales (-28.9%).

Tables with sales figures

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

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