Uruguayan Vehicles Market up by 17.7% in 2024 as sales in October reached 6,263 units. YTD figures totaled 49,356, up 8.4% compared to the prior year. Nissan and Toyota posted impressive performances while Fiat fell out of the podium into 3rd.
Market Trend and Outlook
The Uruguayan economy is expected to grow by 3.2% in 2024, following a slowdown in 2023 due to declining commodity prices, the COVID-19 pandemic, and a severe drought from October 2022 to August 2023.
Despite these challenges, Uruguay has maintained prudent fiscal management and has the lowest sovereign spreads in the region. The country stands out for its low levels of poverty and inequality, high per capita income, and the largest middle class in the LAC region, contributing to stable export levels and private consumption.
The light vehicle market in Uruguay followed the broader economic trend, with sales in October 2024 reaching 6,263 (+17.7%). Likewise, YTD figures posted a 8.4% increase in year-on-year sales, reaching 49,356 registrations.
Looking at cumulative data up to October 2024 brand-wise, Chevrolet secured top position with 7,008 sales (-15.7%), followed by Volkswagen -up 1 spot- with 5,730 sales (+10.4%) and Renault -up 1 spots- with 5,436 sales (+6.5%).
Fiat was down 2 spots into 4th with 5,251 units sold (-7.4%), in front of Suzuki at 4,747 (-5.2%), Hyundai at 2,857 (-4.9%) and Peugeot with 2,450 sales (+0.5%).
Nissan gained 1 spots ranking in 8th with 2,037 sales (+53%), followed by Citroen -down 1 spot- in 9th at-1 1,835 (-1.3%), and Toyota in 10th with 1,816 registrations (+44.6%).
Looking at specific models the Fiat Strada was still on top of the ranking, despite losing 20.8% in year-on-year sales, followed by the Chevrolet Onix down 30%.
Medium-Term Market Trend
The Uruguayan vehicles market has had many ups and downs in the past decade. From 2010 to 2013 sales grew from 39,961 to the current all time high of 56,113 sales. The trend reversed in the following year, falling to 45,337 sales in 2016. In 2017 the market grew 21.2% reaching 54,948 sales, but it when back to losing in 2018 and 2019.
The arrival of the pandemic caused the demand for light vehicles to drop even further, reaching the lowest levels of the decade at 34,540 (-20.3%).
Luckily in 2021 the market bounced back right away, reporting at +42.6% variation that took sales up to 49,267. In 2022 sales maintained the momentum, growing 7.2% to 52,829. The Uruguayan vehicles market in 2023 registered 58,314 sales and were up 10.3% from the previous year.
This being said lately the global automotive industry has been confronting some issues that might lower vehicle demand in the future: the disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips and Governments push towards Evs, an expensive alternative for low income consumers. At the moment affects from this last point are very mild, due to the low adoption of BEVs in South American countries (0.45% of total market share in South America).
Tables with sales figures
In the tables below we report sales for all Brands and top 10 Manufacturer Groups.
