Dominican Republic: Passenger Car Market 2024

Passenger Car Market Size in the Dominican Republic

The Dominican passenger car market surged to $X in 2021, picking up by 67% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed a buoyant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Passenger Car Exports

Exports from the Dominican Republic

In 2021, shipments abroad of passenger cars increased by 17% to X units, rising for the fourth year in a row after two years of decline. Over the period under review, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 891% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, passenger car exports rose sharply to $X in 2021. In general, exports recorded a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 819% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for passenger car exports from the Dominican Republic, accounting for a 56% share of total exports. Moreover, passenger car exports to the United States exceeded the volume sent to the second major destination, Cuba (X units), sixfold. Mexico (X units) ranked third in terms of total exports with a 5.8% share.

From 2012 to 2021, the average annual growth rate of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (+13.0% per year) and Mexico (+22.0% per year).

In value terms, the United States ($X) remains the key foreign market for passenger cars exports from the Dominican Republic, comprising 59% of total exports. The second position in the ranking was taken by France ($X), with a 7.8% share of total exports. It was followed by Spain, with a 6.9% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+27.8% per year) and Spain (+28.9% per year).

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, dropping by -6.9% against the previous year. Over the period under review, the export price showed a perceptible curtailment. The pace of growth appeared the most rapid in 2016 when the average export price increased by 51% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Spain ($X per unit), while the average price for exports to Hong Kong SAR ($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 Belgium (+63.1%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into the Dominican Republic

In 2021, the amount of passenger cars imported into the Dominican Republic surged to X units, increasing by 42% compared with 2020 figures. Over the period under review, imports posted prominent growth. The pace of growth appeared the most rapid in 2016 when imports increased by 78%. As a result, imports attained the peak of X units. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, passenger car imports soared to $X in 2021. Overall, total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +9.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X units) constituted the largest passenger car supplier to the Dominican Republic, accounting for a 57% share of total imports. Moreover, passenger car imports from the United States exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold. The third position in this ranking was held by South Korea (X units), with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States totaled +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+24.6% per year) and South Korea (-1.1% per year).

In value terms, the United States ($X) constituted the largest supplier of passenger cars to the Dominican Republic, comprising 57% of total imports. The second position in the ranking was held by Japan ($X), with a 15% share of total imports. It was followed by South Korea, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+9.4% per year) and South Korea (+8.2% per year).

Import Prices by Country

In 2021, the average passenger car import price amounted to $X per unit, rising by 35% against the previous year. In general, the import price, however, saw a perceptible decrease. The most prominent rate of growth was recorded in 2017 when the average import price increased by 87% against the previous year. The import price peaked at $X per unit in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Mexico ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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