Market Size of Latin America Passenger Car Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Passenger Car Market Analysis
Currently, the Latin America Passenger Car Market is valued at USD 129.14 billion, and it is expected to reach USD 161.74 billion in the next five years at a CAGR of 4.61% during the forecast period.
The Latin American passenger car market is recovering at a steady pace after most of the countries were strongly affected by currency deviation, economic crisis, and COVID-19. The overall passenger car market was boosted by the Mexican market, which accounts for the major market share in terms of exports, production, and sales.
The Latin American market slowly recovered from the pandemic, with an overall market of 2.21 million vehicles in H1 2021. Although it continues to have an impact on the region's economies, the vehicle market saw a 35% increase in sales compared to the first half of last year. Stellaris was able to lead and capture a 20% market share in this environment.
In terms of unit sales, Brazil is by far the largest market for passenger cars in Latin America. More than 1.5 million cars were expected to be sold in Brazil last year. Mexico came in second, with approximately 520,110 thousand cars sold last year.
- With the increasing penetration of the internet and smartphones in the Latin American (LATAM) region, OEMs are finding innovative ways to connect with consumers and are focusing on offering e-commerce platforms and new service models. E-commerce is expected to have a significant positive impact on the automotive aftermarket. This leads to the optimization of services and growth in the sales of automotive parts. For instance, in October 2022, BYD, the leading Chinese new energy vehicle (NEV) manufacturer, formed a partnership with Saga Group, Brazil's largest dealer group, and their first cooperative store opened in Brasilia, Brazil's capital.
