Colombia: Passenger Car Market 2024

Passenger Car Market Size in Colombia

After two years of decline, the Colombian passenger car market increased by 79% to $X in 2021. Over the period under review, the total consumption indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Passenger car consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Passenger Car Exports

Exports from Colombia

In 2021, shipments abroad of passenger cars decreased by -20.1% to X units, falling for the second consecutive year after four years of growth. Over the period under review, exports continue to indicate a perceptible slump. The pace of growth was the most pronounced in 2017 with an increase of 241% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, passenger car exports fell notably to $X in 2021. In general, exports recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 191% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Ecuador (X units) was the main destination for passenger car exports from Colombia, accounting for a 59% share of total exports. Moreover, passenger car exports to Ecuador exceeded the volume sent to the second major destination, Mexico (X units), sixfold. The third position in this ranking was held by Chile (X units), with an 8% share.

From 2012 to 2021, the average annual growth rate of volume to Ecuador totaled +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-23.3% per year) and Chile (-3.1% per year).

In value terms, Ecuador ($X) emerged as the key foreign market for passenger cars exports from Colombia, comprising 60% of total exports. The second position in the ranking was held by Mexico ($X), with a 9.2% share of total exports. It was followed by Argentina, with a 7.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ecuador stood at +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-25.4% per year) and Argentina (-12.8% per year).

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, dropping by -1.8% against the previous year. Overall, the export price recorded a pronounced downturn. The most prominent rate of growth was recorded in 2018 an increase of 3.6% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Argentina ($X per unit), while the average price for exports to Chile ($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 Argentina (+1.1%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Colombia

In 2021, after two years of decline, there was significant growth in purchases abroad of passenger cars, when their volume increased by 51% to X units. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 67% against the previous year. As a result, imports attained the peak of X units. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, passenger car imports surged to $X in 2021. Overall, imports saw a relatively flat trend pattern. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Brazil (X units), Mexico (X units) and Japan (X units) were the main suppliers of passenger car imports to Colombia, with a combined 59% share of total imports. South Korea, Hungary, India, China and the United States lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of +98.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car suppliers to Colombia were Brazil ($X), Mexico ($X) and Japan ($X), with a combined 57% share of total imports. These countries were followed by the United States, South Korea, Hungary, China and India, which together accounted for a further 24%.

In terms of the main suppliers, Hungary, with a CAGR of +81.2%, recorded the highest growth rate of the value of imports, 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, with an increase of 14% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 21%. As a result, import price attained the peak level of $X per unit. From 2016 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 the United States ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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