Ecuador: Passenger Car Market 2024

Passenger Car Market Size in Ecuador

In 2021, the Ecuadorian passenger car market increased by 51% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, the total consumption indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -20.9% against 2018 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Passenger Car Production in Ecuador

In value terms, passenger car production expanded significantly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2013 when the production volume increased by 18% against the previous year. Passenger car production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Passenger Car Exports

Exports from Ecuador

In 2021, overseas shipments of passenger cars increased by 9.4% to X units, rising for the fifth year in a row after two years of decline. In general, exports, however, showed a dramatic slump. The growth pace was the most rapid in 2017 with an increase of 11%. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, passenger car exports declined to $X in 2021. Overall, exports, however, saw a sharp decline. The growth pace was the most rapid in 2017 when exports increased by 40%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Canada (X units) was the main destination for passenger car exports from Ecuador, with a 69% share of total exports. Moreover, passenger car exports to Canada exceeded the volume sent to the second major destination, Colombia (X units), fivefold. Germany (X units) ranked third in terms of total exports with a 14% share.

From 2012 to 2021, the average annual growth rate of volume to Canada was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-53.0% per year) and Germany (+26.0% per year).

In value terms, Colombia ($X) emerged as the key foreign market for passenger cars exports from Ecuador, comprising 24% of total exports. The second position in the ranking was held by Peru ($X), with an 8% share of total exports. It was followed by Germany, with a 5.8% share.

From 2012 to 2021, the average annual growth rate of value to Colombia totaled -49.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+13.0% per year) and Germany (+39.2% per year).

Export Prices by Country

The average passenger car export price stood at $X per unit in 2021, shrinking by -14.7% against the previous year. Overall, export price indicated a moderate increase from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, passenger car export price decreased by -36.8% against 2018 indices. The pace of growth appeared the most rapid in 2017 when the average export price increased by 26%. The export price peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Colombia ($X per unit), while the average price for exports to Canada ($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 Venezuela (+19.0%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Ecuador

After two years of decline, overseas purchases of passenger cars increased by 63% to X units in 2021. In general, imports posted a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 84% against the previous year. Over the period under review, imports attained the maximum at X units in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, passenger car imports skyrocketed to $X in 2021. Over the period under review, imports posted mild growth. The pace of growth was the most pronounced in 2017 when imports increased by 93%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest passenger car supplier to Ecuador, accounting for a 40% share of total imports. Moreover, passenger car imports from China exceeded the figures recorded by the second-largest supplier, Colombia (X units), threefold. South Korea (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+14.1% per year) and South Korea (-7.8% per year).

In value terms, China ($X) constituted the largest supplier of passenger cars to Ecuador, comprising 33% of total imports. The second position in the ranking was taken by Colombia ($X), with a 10% share of total imports. It was followed by Brazil, with an 8.9% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+6.2% per year) and Brazil (+19.6% per year).

Import Prices by Country

The average passenger car import price stood at $X per unit in 2021, therefore, remained relatively stable against the previous year. Over the period under review, the import price continues to indicate a perceptible shrinkage. The growth pace was the most rapid in 2015 when the average import price increased by 6.1%. The import price peaked at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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 ($X per unit), while the price for South Korea ($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 Czech Republic (+6.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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