Guatemala’s Auto market in 2021 rises by 23.2% with 29,387 sales, reporting a positive performance in all quarters. Leader Toyota gain 22.2% sales, but market share remains almost flat.
Market Trend
The Guatemalan car market this year recovered effectively from the very slight pandemic decrease of 2020 and reported a very promising performance in all quarters.
The market hit the best level ever in 2015 with a record of 30,359 sales before to start declining. Indeed, total new vehicles sold in 2017 have been 25,419, down for the second year in a row, losing 4.8% from the previous year.
The reasons behind this decline are caused by the unfair competition of used vehicles imported and sold in Guatemala’s market without regulations or restrictions on the age, condition, or condition of the vehicles. Moreover, in Guatemala, the approval of a gas emission regulation is urgently needed, which could help to prevent the entry of vehicles, which have been banned from traveling abroad due to the high levels of pollution.
Indeed, even 2018 closed up negatively with sales down 4.9% – according to the forecast – with 24,168 units.
In 2019, the market reported a small improvement from last year. Indeed, full-year sales were 24,727, up 2.3%.
Due to the COVID-19 Pandemic full-Year sales for 2020 have been 23,856, reporting a 3.5% decrease compared to 2019.
In 2021 the year started positively for the Guatemala market, in fact, in Q1 6,813 units have been sold, reporting a 9.9% increase in sales compared to Q1 2020, and in Q2 growth accelerated, reporting a 70.8% increase in sales with 8,080 units due to the incredibly low sales volume registered in Q2 2020.
In Q3 sales kept growing, gaining 17.2% sales with 7,049 units, and in Q4 sales remained positive, gaining 7.7% with 7,445 units sold.
Indeed, Full-Year sales for 2021 have been 29,387, reporting a 23.2% increase compared to 2020.
Brand-wise, this year the leader Toyota (+22.2%) lost 0.2% market share, followed by Kia (+24.7%), which gained 0.2% share. Hyundai (+24%) was in the third position and gained 0.1% market share.
The most sold model in the country is the Toyota Hilux with 3,639 sales (+25.1%), holding 12.4% market share.
