Honduras vehicles market falls due to the global pandemic affecting sales. Indeed, Full Year 2020 sales have been 9.778, down 14.7% compared to 2019. Nissan remains the leader with 22.7% market share, followed by Toyota (18.6% share).
Economic Environment
The economy is set to have contracted again in Q3. In August, economic activity fell for the sixth month running, albeit at the softest pace since the crisis began in March, on the back of declining activity in the mining and quarrying, hotels and restaurants, construction, and transport and storage sectors.
Moreover, in July–August, merchandise imports continued to fall and private-sector credit growth softened—easing to an over nine-year low in August—pointing to weakened domestic demand. Turning to Q4, prospects remain grim amid a worldwide surge in new Covid-19 cases and a still-elevated number of new cases domestically.
Meanwhile, on 30 October, the government reached an agreement with the IMF on the third review of the Fund’s Stand-by Arrangement and Stand-by Credit Facility. Consequently, around USD 88 million will be disbursed to support the government’s economic policies.
Market Trend
The Honduras vehicle market has been affected in 2020 by the global COVID-19 pandemic, which impacted sales significantly.
Honduras vehicles market in recent years hit the all-time record in 2015, at the end of the too-fast growth. Then inexorably sales declined. In 2017, new vehicle sales have marginally recovered after the deep fall reported in the previous year, with annual sales at 11.712 (+19.5%). In 2018, the market kept recovering in double-digits, ending the year at 12.974, up 10.8%.
In 2019, the vehicle market is slipping down again. Indeed, sales in 2019 have been 10.465, losing 11.7% from last year.
Full-Year sales for 2020 have been 9.778, reporting a 14.7% decrease compared to 2019.
Brand-wise, this year the leader Nissan (-13.9%) gained 0.2% market share, followed by Toyota (-10.1%) which gained 0.9% market share. Ford (-14.9%) was in the third position.
The most sold model in the country is the Nissan Versa with 628 sales (-15.6%), holding 6.4% market share.
