Passenger Cars - Colombia | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$4.4bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.16%, resulting in a projected market volume of US$4.4bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$1.4bn in 2024.
Passenger Cars market unit sales are expected to reach 170.10k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$25.33k in 2024.
With a vehicle unit sales share of 24.2% in 2024, Chevrolet is expected to have one of the highest market share in the selected region.
The value market share of the make Chevrolet in the selected region is expected to stand at 21.4% 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 Colombia has been experiencing steady growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Colombian Passenger Cars market have been shifting towards more fuel-efficient and environmentally friendly vehicles.

This is in line with the global trend towards sustainability and the increasing awareness of the environmental impact of traditional gasoline-powered cars. As a result, there has been a growing demand for hybrid and electric vehicles in Colombia. In addition to environmental concerns, customers in Colombia also value safety features and advanced technology in their cars.

This includes features such as advanced driver-assistance systems, connectivity options, and infotainment systems. As these features become more common and affordable, customers are increasingly expecting them in their vehicles. Trends in the Colombian Passenger Cars market are also influenced by global and regional market trends.

For example, the increasing popularity of SUVs and crossovers worldwide has also been observed in Colombia. These vehicles offer a higher driving position, more interior space, and a sense of adventure, which appeals to customers in both urban and rural areas. Another trend in the Colombian market is the rise of car-sharing and ride-hailing services.

This trend is driven by the growing urban population, limited parking spaces, and the desire for convenience and cost savings. As a result, there is a shift towards smaller, more compact cars that are suitable for city driving and can be easily shared or used for ride-hailing services. Local special circumstances in Colombia also play a role in shaping the Passenger Cars market.

The country has a diverse geography, with both urban and rural areas. This creates different needs and preferences among customers. In urban areas, customers may prioritize compact cars that are easy to maneuver and park, while in rural areas, customers may prefer larger vehicles with off-road capabilities.

Underlying macroeconomic factors also contribute to the development of the Passenger Cars market in Colombia. Economic growth, rising disposable incomes, and low interest rates have made car ownership more affordable and accessible to a larger segment of the population. Additionally, government incentives and policies promoting the use of electric and hybrid vehicles have also contributed to the growth of this segment in the market.

In conclusion, the Passenger Cars market in Colombia is developing in response to customer preferences for fuel-efficient and technologically advanced vehicles, as well as global and regional market trends. Local special circumstances, such as the diverse geography of the country, also influence the market. Finally, underlying macroeconomic factors, including economic growth and government incentives, play a significant role in shaping the market.

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. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.