MERCOSUR: Passenger Car Market 2024

Passenger Car Market Size in MERCOSUR

In 2021, the MERCOSUR passenger car market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption, however, recorded a deep slump. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Passenger Car Production in MERCOSUR

In value terms, passenger car production totaled $X in 2021 estimated in export price. Over the period under review, production, however, showed a abrupt shrinkage. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Passenger Car Exports

Exports in MERCOSUR

In 2021, shipments abroad of passenger cars was finally on the rise to reach X units after three years of decline. Over the period under review, exports, however, saw a deep reduction. The most prominent rate of growth was recorded in 2017 when exports increased by 40%. The volume of export peaked at X units in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, passenger car exports soared to $X in 2021. In general, exports, however, showed a abrupt decline. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Brazil represented the main exporter of passenger cars in MERCOSUR, with the volume of exports finishing at X units, which was approx. 78% of total exports in 2021. It was distantly followed by Argentina (X units), achieving a 17% share of total exports. Colombia (X units) followed a long way behind the leaders.

Brazil was also the fastest-growing in terms of the passenger cars exports, with a CAGR of -1.7% from 2012 to 2021. Colombia (-4.7%) and Argentina (-14.6%) illustrated a downward trend over the same period. While the share of Brazil (+25 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Argentina (-23.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest passenger car supplier in MERCOSUR, comprising 71% of total exports. The second position in the ranking was taken by Argentina ($X), with a 22% share of total exports.

In Brazil, passenger car exports declined by an average annual rate of -1.4% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Argentina (-14.1% per year) and Colombia (-7.9% per year).

Export Prices by Country

In 2021, the export price in MERCOSUR amounted to $X per unit, with an increase of 10% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. Over the period under review, the export prices hit record highs at $X per unit in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Argentina ($X per unit), while Colombia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+0.6%), while the other leaders experienced mixed trends in the export price figures.

Passenger Car Imports

Imports in MERCOSUR

In 2021, after three years of decline, there was significant growth in purchases abroad of passenger cars, when their volume increased by 60% to X units. Overall, imports, however, continue to indicate a pronounced reduction. Over the period under review, imports attained the maximum at X units in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, passenger car imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a deep slump. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Chile (X units) was the largest importer of passenger cars, achieving 36% of total imports. Colombia (X units) ranks second in terms of the total imports with a 14% share, followed by Brazil (13%), Argentina (12%), Peru (11%) and Ecuador (7%). Uruguay (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to passenger car imports into Chile stood at +5.9%. At the same time, Ecuador (+6.3%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of +6.3% from 2012-2021. Colombia experienced a relatively flat trend pattern. By contrast, Peru (-1.3%), Uruguay (-2.1%), Argentina (-12.2%) and Brazil (-14.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Chile, Colombia, Ecuador and Peru increased by +22, +5.7, +4.4 and +3.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X), Brazil ($X) and Colombia ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 66% of total imports.

Among the main importing countries, Chile, with a CAGR of +1.7%, saw the highest rates of growth with regard to 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

In 2021, the import price in MERCOSUR amounted to $X per unit, rising by 7.6% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The level of import peaked at $X per unit in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform