Panama car sector kept roaring momentum in first half 2015.

Panama Car Sector Hyundai-Elantra_GT_2016

Panama Car Sector kept roaring momentum in first half 2015 with sales reported up 27 percent compared with the record scored last year. Toyota is market leader ahead Hyundai and Kia.

Economic Outlook

Economic activity increased 3.1% annually in May, which marked the lowest figure in over five years. The slowdown reflected a decrease in activity relating to trade and manufacturing, and a deceleration in other sectors, some of which can be attributed to the drawdown of activity related to the nearly completed Panama Canal expansion project.

Toll revenues are expected to grow considerably once the new portion of the Canal becomes operational in April of next year. Meanwhile, Panama’s tourism industry showed promising growth in the first five months of 2015, with earnings expanding 13.8% over the same period of last year.

Tourism accounts directly and indirectly for more than 17% of both GDP and total employment in Panama. Stronger growth in the U.S. in the remainder of the year should boost this sector going forward.

Market Outlook

A proposal has been made to develop a specialized Roll on-Roll off cargo terminal in the Pacific, to improve the management of vehicles and heavy equipment and create other opportunities for the automotive industry, such as automobile accessorization.

The proposal put forward by the Panama Canal Authority is to develop a specialized docking area for roll-on-roll off ships, transporting vehicles to Panama, from where they are distributed to other markets.

The aim is to promote the development of this type of cargo in Panama and lay the foundation for the development of other business lines that generate added value and chains. One of the activities that can be developed is dedicated to adding value to vehicles, called “accessorization”.

Meantime, the domestic new vehicles market kept the momentum and following the record just scored in the 2014, when sales boomed 17% from the previous year, in the first half of 2015 a new +27.8% was reported by A.D.A.P., the Asociación de Distribuidores de Automóviles de Panamá, with total new vehicles sold at36.263.

Below, you can sort our interactive tables to see data regarding Brands, Groups and Models. Please bear in mind that sales data are subject to adjustments as sources will update their information. This report is updated at the publishing date and will not be modified while the next on this subject will report year to date data updated.

Rank JunRank 2015BrandJun 2015H1 2015H1 2014Var JunVar H1Share JunShare H1
12Hyundai1.2956.5454.98459,7%31,3%20,4%18,0%
21Toyota1.2767.4067.00311,0%5,8%20,1%20,4%
33Kia9226.0524.38326,5%38,1%14,5%16,7%
44Nissan7174.3673.19756,9%36,6%11,3%12,0%
55Suzuki3551.9901.18497,2%68,1%5,6%5,5%
66Honda3381.4911.27450,9%17,0%5,3%4,1%
79Ford2651.008857136,6%17,6%4,2%2,8%
87Chevrolet2271.2141.1303,2%7,4%3,6%3,3%
910Isuzu20598668760,2%43,5%3,2%2,7%

Rank JunRank H1ModelJun 2015H1 2015Jun VarH1 VarShare JunShare H1
11Toyota Hilux3612.15110,6%9,8%11,5%11,6%
22Kia Rio3341.98434,8%33,5%10,7%10,7%
33Kia Picanto3081.84727,7%27,6%9,9%9,9%
44Hyundai Accent2451.470-2,7%-2,7%7,8%7,9%
55Toyota Yaris2131.279-16,3%-16,3%6,8%6,9%
66Toyota RAV42001.1717,1%4,5%6,4%6,3%
77Hyundai Tucson iX1651.00521,0%22,8%5,3%5,4%
810Hyundai i10160850-0,7%-12,1%5,1%4,6%
98Hyundai Elantra15994955,9%55,1%5,1%5,1%
109Kia Sportage15089428,0%27,2%4,8%4,8%

(538)

In the spotlight

Malaysia Automotive Market Report 2010-2025

Malaysia Automotive Market Report 2010-2025 features historical data and insights plus professional forecast on new vehicles sales by type, manufacturer, brand and model providing an easy-to-use picture of current and future competitive landscape.

In the spotlight

Panama Automotive Market Report 2010-2025

Panama Automotive Market Report 2010-2025 features historical data and insights plus professional forecast on new vehicles sales by type, manufacturer, brand and model providing an easy-to-use picture of current and future competitive landscape.