2024 Colombia Automobile Market Analysis Report

In April 2023, the Colombian car market declined for the seventh consecutive month, with new car sales of 13,777 units (-33.2%). Year-to-date sales are 60,739 units, down 22.2% year-over-year.

market trend

If we analyze the cumulative brand data as of April 2023, the top two rankings remain unchanged compared to 2021, with Renault ranking first with 10,042 sales (-26.3%) and Chevrolet with 8,050 sales (-40.0%) In second place, Toyota ranked third with 7,737 sales (+10.5%). This was followed by Mazda with 5,144 units (+6.5%), Kia with 4,587 units (-23.9%), Suzuki with 3,407 units (-23.9%) and Nissan with 2,419 units (-33.9%).

The Renault Duster is the best-selling model. Followed by Toyota Corolla Cross, which rose 68.4% and climbed 12 places in the ranking.

Market Outlook

The Colombian light vehicle market has experienced many ups and downs over the past decade.

The market grew 39.5% in 2011 to a record high of 321,887 units compared to 230,770 units in 2010.

However, it reached a low of 257,173 units at the end of 2018.

Then, in March 2020, the market began to collapse, with the change at the end of the year reaching -30%, with sales of 184,057 units.

However, data shows that 2021 is a great year for the recovery of the Colombian market, with sales increasing by 36.1% to 271,835 vehicles.

Forecasts for 2024 suggest that the year will end on a positive note, continuing the upward trend that began the previous year.

The five brands with the most registrations in 2023: Renault, Toyota, Chevrolet, Mazda, and Kia have market shares of 15.8%, 13.9%, 12.8%, 9.1%, and 7.9%, respectively, accounting for 59.5% of the total number of registered vehicles.