Chile: Passenger Car Market 2024

Passenger Car Market Size in Chile

The Chilean passenger car market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, the total consumption indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Passenger Car Production in Chile

In value terms, passenger car production declined slightly to $X in 2021 estimated in export price. Overall, the total production indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -35.8% against 2015 indices. The pace of growth appeared the most rapid in 2015 with an increase of 83% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Passenger Car Exports

Exports from Chile

In 2021, shipments abroad of passenger cars increased by 133% to X units, rising for the fourth consecutive year after two years of decline. Overall, exports posted a remarkable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, passenger car exports skyrocketed to $X in 2021. Over the period under review, exports, however, showed a pronounced reduction. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Paraguay (X units) was the main destination for passenger car exports from Chile, accounting for a 86% share of total exports. Moreover, passenger car exports to Paraguay exceeded the volume sent to the second major destination, Bolivia (X units), more than tenfold. The third position in this ranking was taken by the Dominican Republic (X units), with a 1.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Paraguay amounted to +13.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bolivia (-6.9% per year) and the Dominican Republic (+44.2% per year).

In value terms, Paraguay ($X) remains the key foreign market for passenger cars exports from Chile, comprising 74% of total exports. The second position in the ranking was held by the Dominican Republic ($X), with an 11% share of total exports. It was followed by Bolivia, with a 10% share.

From 2012 to 2021, the average annual growth rate of value to Paraguay stood at +2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+20.5% per year) and Bolivia (-19.1% per year).

Export Prices by Country

The average passenger car export price stood at $X per unit in 2021, declining by -42.4% against the previous year. Overall, the export price continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2016 an increase of 69%. The export price peaked at $X per unit in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per unit), while the average price for exports to Argentina ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Paraguay (-9.9%), while the prices for the other major destinations experienced a decline.

Passenger Car Imports

Imports into Chile

In 2021, approx. X units of passenger cars were imported into Chile; picking up by 119% on the previous year's figure. In general, total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, passenger car imports soared to $X in 2021. Over the period under review, total imports indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of passenger car to Chile, accounting for a 34% share of total imports. Moreover, passenger car imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. South Korea (X units) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+6.6% per year) and South Korea (-5.0% per year).

In value terms, the largest passenger car suppliers to Chile were China ($X), Japan ($X) and South Korea ($X), together comprising 55% of total imports. These countries were followed by India, Brazil, the United States, Mexico, France, Germany and the UK, which together accounted for a further 34%.

Brazil, with a CAGR of +29.4%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average passenger car import price stood at $X per unit in 2021, increasing by 15% against the previous year. Overall, the import price, however, continues to indicate a noticeable contraction. The pace of growth appeared the most rapid in 2018 when the average import price increased by 38% against the previous year. As a result, import price reached the peak level of $X per unit. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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