South America Passenger Cars Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030

The South America Passenger Cars Market is segmented by Vehicle Configuration (Passenger Cars), by Propulsion Type (Hybrid and Electric Vehicles, ICE) and by Country (Argentina, Brazil). The report offers market size in both market value in USD and market volume in unit. Further, the report includes a market split by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.

South America Passenger Cars Market Size

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South America Passenger Cars Market Summary
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Icons Lable Value
https://s3.mordorintelligence.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period 2017 - 2030
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2024) USD 123.6 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2030) USD 175.9 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg CAGR (2024 - 2030) 6.06 %
https://s3.mordorintelligence.com/globe/1629285706162_test~globe_globe.svg Largest Share by Country Brazil
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Concentration High

Major Players

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*Disclaimer: Major Players sorted in alphabetical order.

Key Players

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South America Passenger Cars Market Analysis

The South America Passenger Cars Market size is estimated at 123.6 billion USD in 2024, and is expected to reach 175.9 billion USD by 2030, growing at a CAGR of 6.06% during the forecast period (2024-2030).

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123.6 Billion

Market Size in 2024 (USD)

175.9 Billion

Market Size in 2030 (USD)

-0.15 %

CAGR (2017-2023)

6.06 %

CAGR (2024-2030)

Largest Segment by Fuel Category

76.42 %

value share, Gasoline, 2023

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Gasoline remains dominant in South America due to widespread availability, lower upfront costs compared to alternatives, and established refueling infrastructure across the region.

Fastest-growing Segment by Fuel Category

33.10 %

Projected CAGR, FCEV, 2024-2030

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FCEVs are rapidly growing due to investments in hydrogen technology, government incentives, and a focus on reducing emissions in South America.

Largest Segment by Propulsion Type

81.90 %

value share, ICE, 2023

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ICE dominate due to their affordability, extensive infrastructure, and long-standing consumer familiarity with conventional vehicles in South America.

Largest Country Market

33.33 %

value share, Brazil, 2023

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Brazil leads due to its large population, significant automotive manufacturing industry, and high consumer demand for passenger vehicles.

Leading Market Player

19.40 %

market share, GM Motor (Chevrolet), 2023

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GM Motor (Chevrolet) leads the market with its reliable and versatile passenger cars, strong brand reputation, and extensive dealership network supporting diverse consumer needs in South America.

South America Passenger Cars Market

The South American passenger cars market is undergoing significant changes driven by economic factors, consumer preferences, and a shift toward more sustainable transportation solutions

  • The automotive industry in South America is poised for significant growth, driven by factors such as low car ownership rates and a faster rise in disposable incomes compared to Asia-Pacific countries. Notably, the demand for electric vehicles (EVs) in South America has been on the rise, fueled by concerns about emissions reduction and future energy needs. Brazil's surging demand for EVs is particularly noteworthy, attracting several foreign automakers to set up production facilities in the region.
  • The COVID-19 pandemic impacted consumer purchasing power, leading to a notable drop in oil prices and subsequently reducing gasoline costs. While this decline in gas prices may make conventional internal combustion engine (ICE) vehicles more affordable, EVs still hold an advantage in terms of overall ownership costs across most vehicle classes. However, the extent of this advantage may vary, potentially influencing sales.
  • South America has seen a notable shift toward sustainable fuel options, with ethanol derived from sugarcane emerging as a prominent choice. This biofuel boasts emissions up to 90% lower than gasoline or diesel equivalents. Brazil's increasing adoption of sustainable fuels has played a pivotal role in shaping the regional market. Another significant driver is the growing consumption of renewable energy in the automotive industry. As the industry emphasizes sustainability, the ongoing research into automotive electrification in South America holds promise. Given the region's attractiveness as an investment hub due to its robust market growth potential, there are significant opportunities for both financial gains and market enhancements.

South America Passenger Cars Market Trends

Surging demand and government incentives propel South America's electric vehicle market

  • Countries like Brazil and Argentina in South America show significant potential in the automobile market. The South American vehicle industry has witnessed notable growth in recent years. Notably, the region has seen a rising demand for electric vehicles (EVs), especially in the passenger car segment. This surge can be attributed to factors like heightened awareness, growing environmental concerns, and governmental initiatives promoting EV adoption. In fact, EV sales in the region saw a notable increase, growing by 17.95% in 2022 compared to 2021.
  • South America, with its diverse markets, is poised for a surge in electric vehicles. Brazil, in particular, is eyeing a shift toward electric buses, driven by its focus on renewable power generation and its abundant reserves of niobium and lithium, crucial for EV battery development. A significant move in this direction came in December 2022 when Sao Paulo banned diesel bus purchases and announced plans to deploy 2600 electric buses by 2024-end. Similar trends in other South American nations are expected to drive vehicle electrification from 2024 to 2030.
  • Government policies and incentive programs across South American nations are set to be key drivers for vehicle electrification in the region. Tax benefits, for instance, are playing a pivotal role. Colombia's government, for instance, is leveraging incentives and subsidies with an ambitious target of putting 600,000 EVs on its roads by 2030, aiming to tackle carbon emissions. With similar initiatives anticipated in other South American countries, the sales of EVs are expected to witness a surge from 2024 to 2030.
South America Passenger Cars Market

OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT

  • South America's demographic narrative, represented by Brazil and Colombia, showcases a story of consistent growth, with Brazil experiencing a pronounced surge
  • Brazil and Colombia are expected to see an increase in consumer spending for vehicle purchases (CVP), indicating a recovering automotive market and growing consumer confidence
  • From 2017 to 2022, South American auto loan interest rates unveiled a diverse economic landscape. Argentina's rates, marked by turbulence, underscore the nation's economic instability. Meanwhile, Brazil's rates, though initially high, witnessed a decline, signaling stabilization efforts. In contrast, Colombia's rates remained moderate, mirroring an upward trajectory in its economic conditions
  • South America is steadily building its EV infrastructure, with both slow and fast charging stations witnessing significant growth
  • South America's electrification in the automotive sector shows fluctuating trends across vehicle segments
  • South America witnessed significant fluctuations in diesel and gasoline prices due to the influence of external factors
  • During 2017-2030, Brazil and Colombia displayed contrasting economic paths. While both faced downturns around 2020, Brazil's GDP per capita showed recovery by 2023, whereas Colombia witnessed a slight decline
  • Projections indicate a trend toward economic stabilization and controlled inflation in the region, highlighting a concerted push to restore equilibrium and foster growth
  • South American MaaS Sector: The shared mobility sector is witnessing a surge in opportunities and showcasing remarkable resilience
  • South America’s surging demand for electric vehicle batteries: falling costs and strategic alliances
  • As economic conditions stabilize and regional trade agreements become more favorable, South America's used car market is set to experience sustained growth
  • Brazil and Argentina are undergoing shifts in their automotive markets

South America Passenger Cars Industry Overview

The South America Passenger Cars Market is fairly consolidated, with the top five companies occupying 65.90%. The major players in this market are Fiat Chrysler Automobiles N.V, Ford Motor Company, GM Motor (Chevrolet), Toyota Motor Corporation and Volkswagen AG (sorted alphabetically).

South America Passenger Cars Market Leaders

  1. Fiat Chrysler Automobiles N.V

  2. Ford Motor Company

  3. GM Motor (Chevrolet)

  4. Toyota Motor Corporation

  5. Volkswagen AG

South America Passenger Cars Market Concentration

Other important companies include Hyundai Motor Company, Kia Corporation, Nissan Motor Co. Ltd., Renault do Brasil S/A, Stellantis N.V..

*Disclaimer: Major Players sorted in alphabetical order.

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South America Passenger Cars Market News

  • December 2023: Mustang Mach-E is avaiable with electric all-wheel drive and has standard heated seats and steering wheel.
  • December 2023: Toyota debuts the Corolla GR-S in Brazil. Its 2.0-liter Dynamic Force Atkinson flex cycle engine generates 177 horsepower when running on ethanol and 169 horsepower when running on gasoline, with 21.4 kgfm of torque in both cases.
  • December 2023: Hyundai Motor unveiled its "Strategy 2025" blueprint, outlining KRW 61.1 trillion in investments for future technology research and development (R&D) until 2025. The goal is to electrify the majority of new vehicles in key markets such as Korea, the United States, China, and Europe by 2030, with emerging markets such as India and Brazil following suit by 2035.

Free with this Report

For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.

South America Passenger Cars Market
South America Passenger Cars Market
South America Passenger Cars Market
South America Passenger Cars Market

South America Passenger Cars Market Report - Table of Contents

  1. EXECUTIVE SUMMARY & KEY FINDINGS

  2. REPORT OFFERS

  3. 1. INTRODUCTION

    1. 1.1. Study Assumptions & Market Definition

    2. 1.2. Scope of the Study​

    3. 1.3. Research Methodology

  4. 2. KEY INDUSTRY TRENDS

    1. 2.1. Population

    2. 2.2. GDP Per Capita

    3. 2.3. Consumer Spending For Vehicle Purchase (cvp)

    4. 2.4. Inflation

    5. 2.5. Interest Rate For Auto Loans

    6. 2.6. Shared Rides

    7. 2.7. Impact Of Electrification

    8. 2.8. EV Charging Station

    9. 2.9. Battery Pack Price

    10. 2.10. New Xev Models Announced

    11. 2.11. Used Car Sales

    12. 2.12. Fuel Price

    13. 2.13. Oem-wise Production Statistics

    14. 2.14. Regulatory Framework

    15. 2.15. Value Chain & Distribution Channel Analysis

  5. 3. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)

    1. 3.1. Vehicle Configuration

      1. 3.1.1. Passenger Cars

        1. 3.1.1.1. Hatchback

        2. 3.1.1.2. Multi-purpose Vehicle

        3. 3.1.1.3. Sedan

        4. 3.1.1.4. Sports Utility Vehicle

    2. 3.2. Propulsion Type

      1. 3.2.1. Hybrid and Electric Vehicles

        1. 3.2.1.1. By Fuel Category

          1. 3.2.1.1.1. BEV

          2. 3.2.1.1.2. FCEV

          3. 3.2.1.1.3. HEV

          4. 3.2.1.1.4. PHEV

      2. 3.2.2. ICE

        1. 3.2.2.1. By Fuel Category

          1. 3.2.2.1.1. Diesel

          2. 3.2.2.1.2. Gasoline

          3. 3.2.2.1.3. LPG

    3. 3.3. Country

      1. 3.3.1. Argentina

      2. 3.3.2. Brazil

  6. 4. COMPETITIVE LANDSCAPE

    1. 4.1. Key Strategic Moves

    2. 4.2. Market Share Analysis

    3. 4.3. Company Landscape

    4. 4.4. Company Profiles

      1. 4.4.1. Fiat Chrysler Automobiles N.V

      2. 4.4.2. Ford Motor Company

      3. 4.4.3. GM Motor (Chevrolet)

      4. 4.4.4. Hyundai Motor Company

      5. 4.4.5. Kia Corporation

      6. 4.4.6. Nissan Motor Co. Ltd.

      7. 4.4.7. Renault do Brasil S/A

      8. 4.4.8. Stellantis N.V.

      9. 4.4.9. Toyota Motor Corporation

      10. 4.4.10. Volkswagen AG

  7. 5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS

  8. 6. APPENDIX

    1. 6.1. Global Overview

      1. 6.1.1. Overview

      2. 6.1.2. Porter’s Five Forces Framework

      3. 6.1.3. Global Value Chain Analysis

      4. 6.1.4. Market Dynamics (DROs)

    2. 6.2. Sources & References

    3. 6.3. List of Tables & Figures

    4. 6.4. Primary Insights

    5. 6.5. Data Pack

    6. 6.6. Glossary of Terms

List of Tables & Figures

  1. Figure 1:  
  2. SOUTH AMERICA PASSENGER CARS MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
  1. Figure 2:  
  2. SOUTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 3:  
  2. SOUTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 4:  
  2. SOUTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 5:  
  2. SOUTH AMERICA PASSENGER CARS MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
  1. Figure 6:  
  2. SOUTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 7:  
  2. SOUTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 8:  
  2. SOUTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
  1. Figure 9:  
  2. SOUTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 10:  
  2. SOUTH AMERICA PASSENGER CARS MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
  1. Figure 11:  
  2. SOUTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 12:  
  2. SOUTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
  1. Figure 13:  
  2. SOUTH AMERICA PASSENGER CARS MARKET, BY ARGENTINA, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 14:  
  2. SOUTH AMERICA PASSENGER CARS MARKET, BY ARGENTINA, BY VALUE IN USD, 2017 - 2030
  1. Figure 15:  
  2. SOUTH AMERICA PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 16:  
  2. SOUTH AMERICA PASSENGER CARS MARKET, BY BRAZIL, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 17:  
  2. SOUTH AMERICA PASSENGER CARS MARKET, BY BRAZIL, BY VALUE IN USD, 2017 - 2030
  1. Figure 18:  
  2. SOUTH AMERICA PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 19:  
  2. SOUTH AMERICA PASSENGER CARS MARKET, BY REST-OF-SOUTH AMERICA, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 20:  
  2. SOUTH AMERICA PASSENGER CARS MARKET, BY REST-OF-SOUTH AMERICA, BY VALUE IN USD, 2017 - 2030
  1. Figure 21:  
  2. SOUTH AMERICA PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 22:  
  2. SOUTH AMERICA PASSENGER CARS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
  1. Figure 23:  
  2. SOUTH AMERICA PASSENGER CARS MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
  1. Figure 24:  
  2. SOUTH AMERICA PASSENGER CARS MARKET SHARE(%), BY MAJOR PLAYERS, 2021

South America Passenger Cars Industry Segmentation

Passenger Cars are covered as segments by Vehicle Configuration. Hybrid and Electric Vehicles, ICE are covered as segments by Propulsion Type. Argentina, Brazil are covered as segments by Country.

Vehicle Configuration
Passenger Cars
Hatchback
Multi-purpose Vehicle
Sedan
Sports Utility Vehicle
Propulsion Type
Hybrid and Electric Vehicles
By Fuel Category
BEV
FCEV
HEV
PHEV
ICE
By Fuel Category
Diesel
Gasoline
LPG
Country
Argentina
Brazil
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Market Definition

  • Vehicle Type - The category includes passenger cars.
  • Vehicle Body Type - This include various body types such as Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles.
  • Fuel Category - The category includes various fuel types such as Gasoline, Diesel, LPG (Liquefied Petroleum Gas), CNG (Compressed Natural Gas), HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles)
Keyword Definition
Electric Vehicle (EV) A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles.
BEV A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models.
PEV A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids.
Plug-in Hybrid EV A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally.
Internal combustion engine An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel.
Hybrid EV A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking.
Commercial Vehicles Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV).
Passenger Vehicles Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat.
Light Commercial Vehicles Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category.
M&HDT Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category.
Bus A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses.
Diesel It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed.
Gasoline It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug.
LPG It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study.
CNG It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines.
HEV All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices.
PHEV PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly.
Hatchback These are compact-sized cars with a hatch-type door provided at the rear end.
Sedan These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage.
SUV Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles.
MPV These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive.
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Research Methodology

Mordor Intelligence follows a four-step methodology in all its reports.

  • Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
  • Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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South America Passenger Cars Market Research FAQs

The South America Passenger Cars Market size is expected to reach USD 123.56 billion in 2024 and grow at a CAGR of 6.06% to reach USD 175.88 billion by 2030.

In 2024, the South America Passenger Cars Market size is expected to reach USD 123.56 billion.

Fiat Chrysler Automobiles N.V, Ford Motor Company, GM Motor (Chevrolet), Toyota Motor Corporation and Volkswagen AG are the major companies operating in the South America Passenger Cars Market.

In the South America Passenger Cars Market, the undefined segment accounts for the largest share by null.

In 2024, Brazil accounts for the largest share by country in the South America Passenger Cars Market.

In 2023, the South America Passenger Cars Market size was estimated at 123.56 billion. The report covers the South America Passenger Cars Market historical market size for years: 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South America Passenger Cars Market size for years: 2024, 2025, 2026, 2027, 2028, 2029 and 2030.

South America Passenger Cars Industry Report

Statistics for the 2023 South America Passenger Cars market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South America Passenger Cars analysis includes a market forecast outlook to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.

South America Passenger Cars Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030