Ecuadorian vehicles market recovered in 2022. Although economic difficulties, demand for new light vehicles was positive compared with the previous year and 2022 sales were 134.706 (+15.8%). scoring the third highest level ever.
Market Trend
Following the technical recession stage (in the first half 2022) in Q3 and Q4 2022 the Ecuador’s GDP started to grew again with a slower annual pace in Q4 compared to Q3. In October–December, economic activity growth was almost flat, weighed down by weak output in October and a contraction in December.
Credit growth also decelerated through December, while consumer confidence slipped from Q3 on average—likely dampened by the introduction of a state of emergency in two provinces in November amid surging gang violence—suggesting restrained private sector activity.
In such not positive environment, demand for new light vehicles was positive compared with the previous year and full year 2022 sales were 134.706 (+15.8%). scoring the third highest level ever.
The market continue the deep transformation process with Chinese manufacturers fast growing at the expense of Western companies, American overall.
Looking at the ranking by Brand, the market leader in 2022 was again Chevrolet selling 25.671 vehicles (-1.6%) with 18.6% of market share.
In second place Kia was stable with 24.199 sales (+6.9%) and 17.5% of share, while the third place was gained for the first time by a Chinese, Chery, with 12.554 sales (+64.4%) and 9.1% of share.
Toyota was 4th gaining 15.5% ahead of Hyundai (+19.5%), Renault (+12.7%), Great Wall (+52.9%), DSFK (+59.2%) and Jac (+127.5%).
As you can note, in the top 10 there are 4 Chinese OEMs.
Tables with sales figures
In the tables below we report sales for Top 10 Brands.
