Passenger Cars - LATAM

LATAM

Revenue in the Passenger Cars market is projected to reach US$206.7bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 37.58%, resulting in a projected market volume of US$1,019.0bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$57.2bn in 2024.
Passenger Cars market unit sales are expected to reach 7,399.00k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$39.08k in 2024.
With a vehicle unit sales share of 19.2% in 2024, Chevrolet is expected to have one of the highest market share in the selected region.
The value market share of the make Volkswagen in the selected region is expected to stand at 16.2% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (US$605bn in 2024).

Key regions: United States, Germany, Europe, China, India

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Methodology

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).