Ecuadorian vehicles market in 2019 kept growing fast. Indeed, the market reported Full-year sales at 174.446, soaring to 27.6%. Chevrolet held the market throne with 36.5% of share, ahead of Kia and a fast-growing Toyota, holding respectively 15.2% and 7.2%.
Economic Environment
Ecuador’s economy seems to have regained some steam in the third quarter, following the weakest expansion in nearly three years in Q2. Economic activity picked up pace in Q3, likely underpinned by stronger oil production. That said, credit growth eased while consumer confidence weakened in Q3, suggesting that household spending faltered.
In other news, on 17 November, Congress rejected the legislative package proposed by President Moreno, which included tax and Central Bank reforms, designed to narrow the budget deficit as part of a loan agreement with the IMF. The legislation had aimed to raise USD 700 million next year, mainly through increased corporate income taxes.
Market Trend
Ecuadorian vehicles market was severely hit in the 2015/2016 by the economic crisis, generated by the decline of the oil price in the international market, reporting a deep lost of to 62.791 units, the lowest level in a decade, in the 2016. In the 2017, the economic recovery supported a strong recovery in new vehicles demand with figures up 60% at 103.545 units. In 2018, sales have kept the momentum improving volumes at a remarkable level, ending with 136.738 units sold and surging to 32.1%.
In 2019, registrations held the previous year’s pace. Indeed, according to data released by the local association of car manufacturers, the market reported Full-year sales at 174.446, soaring to 27.6%.
Brand-wise, despite having lost near 4 points of share in the last 10 years, Chevrolet held the market throne with 36.5% of share. Behind, Kia and a fast-growing Toyota closed the podium, reaching respectively 15.2% and 7.2%.
Hyundai, which has almost halved its market share since 2010, kept crumbling holding just 6.1%.
Tables with sales figures
In the tables below we report sales for Top Brands
