Passenger Cars - Chile | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$6.6bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.32%, resulting in a projected market volume of US$6.7bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$2.5bn in 2024.
Passenger Cars market unit sales are expected to reach 246.00k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$27.06k in 2024.
With a vehicle unit sales share of 17.8% in 2024, Chevrolet is expected to have one of the highest market share in the selected region.
The value market share of the make Nissan in the selected region is expected to stand at 18.6% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in Chile is experiencing significant growth and development.

Customer preferences: Customers in Chile are increasingly looking for passenger cars that are fuel-efficient and environmentally friendly. This is driven by growing awareness of the need to reduce carbon emissions and the rising cost of fuel. As a result, there is a growing demand for hybrid and electric vehicles in the country.

Trends in the market: One of the key trends in the Passenger Cars market in Chile is the increasing popularity of SUVs and crossovers. These vehicles offer a combination of comfort, space, and versatility, making them suitable for both urban and rural areas. The demand for SUVs and crossovers is driven by the growing number of families and individuals who are looking for vehicles that can accommodate their lifestyle and transportation needs. Another trend in the market is the rise of online car sales. With the increasing use of the internet and smartphones, customers are now able to research and purchase cars online. This trend has been further accelerated by the COVID-19 pandemic, which has limited physical interactions and encouraged the adoption of digital platforms. Online car sales provide customers with convenience and a wider range of options, while also enabling dealerships to reach a larger customer base.

Local special circumstances: Chile has a well-developed infrastructure, including a network of highways and roads that connect different regions of the country. This makes it easier for customers to travel and commute, increasing the demand for passenger cars. Additionally, Chile has a stable political and economic environment, which provides a favorable business climate for automotive companies.

Underlying macroeconomic factors: The Chilean economy has been growing steadily in recent years, with a strong focus on diversification and innovation. This has led to an increase in disposable income and consumer spending, which in turn has boosted the demand for passenger cars. The government has also implemented policies to support the automotive industry, such as tax incentives for the purchase of electric vehicles. These factors have contributed to the growth of the Passenger Cars market in Chile.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. The high global inflation rate and consumer worries about inflation have led to fluctuating car purchasing intentions in many markets.