Market Trend and Outlook

Indonesia’s economy was expected to grow by 5.0% in 2023 as domestic demand took over from commodity exports as the driver of growth. This being said the economy undershot market expectations and grew at the slowest pace in two years in Q3 on cooling domestic demand: Public spending swung into contraction and private consumption growth cooled, outweighing a stronger expansion in fixed investment.

Looking at the Indonesian Vehicle Market we can observe this loss in momentum, with sales in October 2023 falling for the 4th consecutive month after growing 4.3% in June, with new registrations at 80,370 (-13.9%). YTD figures at 835,123 are down 1.9% from the prior year.

Looking at cumulative data up to October 2023 brand-wise, the leader is still Toyota with 273,820 sales (-1.1%), followed by Daihatsu with 161,650 (+2.4%), Honda with 119,917 sales (+12.1%) and Suzuki with 66,530 sales (-7.9%).

Mitsubishi falls 1 spot into 5th with 64,082 sales (-21.1%), followed by Hyundai -up  2 spots- at 29,537 units sold (+6.0%).

Isuzu maintains 7th with 26,651 sales (-13.0%), in front of Mitsubishi Fuso at 26,453 (-12.1%), Hino in 9th at 23,040 registrations (-5.6%) and Wuling closing the Top 10 with 16,652 sales (-22.7%).

Looking at specific models the Honda Brio becomes the new best seller, rising 1 spot with a 9.8% year-on-year increase in sales, followed by the Daihatsu Sigra up 37.2%.

Medium-Term Market Trend

The market had spent four years in the sky, when, during 2010-2013 the market scored four all-time records in a row, almost doubling volume and not only outpacing the magic 1 million units quota but landing at a 2013 record of 1.22 million vehicles sales, before interrupting the run in 2015 with registrations at 1,031,808 (-14.5%).

Then a new positive pathway was taken ending 2016 at 1,074,000 units (including HCVs and Bus) and keeping a moderate recovery in 2017 as well. In 2018, the market was substantially flat, ending with 1,140,349 units sold. In 2019, the market registered a negative trend, with full-year sales at 1,079,474 (-5.3%).

Due to the COVID-19 pandemic sales fell in 2020. In fact, 582,298 units were sold, reporting a decline of 46.1% compared to 2019.

In 2021 the year started negatively for the Indonesian market, in fact, in Q1 178,451 units have been sold, reporting a 24.5% decrease in sales compared to Q1 2020, while in Q2 sales started growing extremely quickly, reporting a 771% increase in sales with 209,439 units due to the very low volumes in Q2 2020.

In Q3 sales kept rising quickly, gaining 100.6% sales with 212,498 units, and in Q4 sales gained 21.8% with 262,984.

Indeed, Full-Year sales for 2021 were 863,372, reporting a 48.3% increase compared to 2020.

Sales in 2022 totaled 977,527, a 21.1% increase from the prior year.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.

Market Trend and Outlook

The Uruguayan vehicles market in September 2023 grows for the 5th month in a row, reporting 5,034 new sales (+7.5%). YTD figures at 40,956 are up 7.5% from the previous year.

Looking at cumulative data up to September 2023 brand-wise, Chevrolet becomes the new leader with 7,022 sales (+32.7%), followed by Fiat -up 3 spots- with 4,174 sales (+6.9%) and Suzuki -up 3 spots- with 4,092 sales (+22.5%).

Volkswagen falls 2 spots into 4th with 3,756 units sold (-18.1%), in front of Renault -down 1 spot- at 3,236 (-24.4%), Peugeot -up 3 spots- at 2,826 (+96.0%) and Hyundai -down 3 spots- with 2,653 sales (-37.7%).

Citroen grows 2 spots into 8th with 2,398 sales (+136.4%), followed by Nissan in 9th at 1,933 (+6.7%) and Toyota -down 3 spots- in 10th with 1,868 registrations (-8.2%).

Looking at specific models the Suzuki Celerio is the best selling growing only 2.0% in year-on-year sales, followed by the Renault Oroch down 2.1%.

Medium-Term Market Trend

The Uruguayan vehicles market has had many ups and downs in the past decade. From 2010 to 2013 sales grew from 39,961 to the current all time high of 56,113 sales. The trend reversed in the following year, falling to 45,337 sales in 2016. In 2017 the market grew 21.2% reaching 54,948 sales, but it when back to losing in 2018 and 2019.

The arrival of the pandemic caused the demand for light vehicles to drop even further, reaching the lowest levels of the decade at 34,540 (-20.3%).

Luckily in 2021 the market bounced back right away, reporting at +42.6% variation that took sales up to 49,267. In 2022 sales maintained the momentum, growing 7.2% to 52,829. This being said lately the global automotive industry has been confronting some issues that might lower vehicle demand in the future: the disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips and Governments push towards Evs, an expensive alternative for low income consumers. At the moment affects from this last point are very mild, due to the low adoption of BEVs in South American countries (0.45% of total market share in South America).

Tables with sales figures

In the tables below we report sales for all Brands and top 10 Manufacturer Groups.

Peruvian cars market hit a record again. In 2022 the light vehicles market in Peru scored a surprisingly new all time record again, with sales at 159.270 (+1.6%)

Market Trend

Following the previous year record, in 2022 the light vehicles market in Peru scored a surprisingly new all time record again, with sales at 159.270 (+1.6%) although the economic and social environment was almost unstable.

Indeed, Peru’s economy slowed down for the second month in a row, missing forecasts for the last months of 2022 and economic growth lands at 2.68%, a sharp decline from the 13.61% jump the country – historically one Latin America’s fastest-growing economies – recorded in 2021.

The four-wheeler growth was lead by Toyota which in the entire year sold 33.001 vehicles (+1.7%) with 20.7% of market share.

In second place Hyundai reported a moderate decline with 15.613 sales (-3.0%) and share stable at 9.8%), while Kia was third with 14.545 sales (+20.9%).

Behind, Chevrolet reported a short lost (-4.5%) and is under attack by DFSK (+44.0%).

In 6th place Changan (-0.3%) followed by Nissan (-29.0%), Suzuki (-5.0%), Chery (+29.9%) and Volkswagen (-13.0%).

Medium-Term Market Trend

The market has been growing consistently in the decade 2004-2013 hitting a record of 174,495 sales before being frozen by economic recession and decline for three consecutive years reaching 153,876 sales in 2016. However, in 2017 the market stabilized posting a feeble recovery, with 163,668 sales, up 6.4%. In 2018, the market has been quite unstable, closing with 147,803 sales, losing 9.7%.

In 2019, according to data released by the A.R.A.P.E.R. (Association of Peruvian Car Manufacturers), they held a flat trend. Indeed, Full-year registrations have been 151,658 (+0.2%).

Due to the COVID-19 pandemic sales fell in  2020. In fact, 125,090 units have been sold, reporting a decline of 17.5% compared to 2019.

In 2021 sales started growing once again, reporting 157,001 sales, a growth of 25.6%.

Tables with sales figures

In the tables below we report sales for top 10 Brands.

Market Trend and Outlook

The Uruguayan vehicles market in 2022 totals 52,829 sales, a 7.2% increase from the previous year. December grew for the 6th month in a row, reporting 5,350 new registrations (+8.9%).

Looking at cumulative data from 2022 brand-wise, Chevrolet moves up 4 spots to secure 1st position with 7,452 sales (+54.3%), followed by Volkswagen with 6,043 sales (-0.3%) and Renault with 5,789 sales (+3.2%).

Hyundai rises 2 spots into 4th position accumulating 5,567 sales (+19.2%), in front of the previous leader Fiat at 5,161 (-23.1%), Suzuki -down 2 spots- at 5,101 (-5.6%) and Toyota -up 2 spots- with 2,643 sales (+20.4%).

Peugeot maintains 8th with 2,516 sales (+11.9%), followed by Nissan in 9th at 2,239 (-20.7%) and Citroen in 10th with 1,1828 registrations (+36.6%).

Tables with sales figures

In the tables below we report sales for all Brands and top 10 Manufacturer Groups.

Market Trend and Outlook

The Indonesian vehicles market in 2022 totals 977,527 sales, a 21.1% growth from the prior year. The year closed with December growing for the 7th month in a row and reporting 98,049 new registrations (+4.4%).

Looking at the cumulative figures form 2022 brand-wise, the leader is still Toyota with 331,409 sales (+14.1%) followed by Daihatsu with 202,665 (+34.1%) and Honda -up 1 spot- with 131,281 sales (+43.6%) overtaking Mitsubishi with 99,051 sales (-5.1%).

Suzuki and Isuzu maintain 5th and 6th position, respectively with 90,408 (+0.9%) and 36,644 sales (+34.3%).

Hyundai rises into 7th with 31,965 sales , in front of Wuling at 29,991 (+17.0%) and Mercedes in 10th at 6,090 registrations (+49.7%).

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.

Market Trend

The Guatemalan car market this year recovered effectively from the very slight pandemic decrease of 2020 and reported a very promising performance in all quarters.

The market hit the best level ever in 2015 with a record of 30,359 sales before to start declining. Indeed, total new vehicles sold in 2017 have been 25,419, down for the second year in a row, losing 4.8% from the previous year.

The reasons behind this decline are caused by the unfair competition of used vehicles imported and sold in Guatemala’s market without regulations or restrictions on the age, condition, or condition of the vehicles. Moreover, in Guatemala, the approval of a gas emission regulation is urgently needed, which could help to prevent the entry of vehicles, which have been banned from traveling abroad due to the high levels of pollution.

Indeed, even 2018 closed up negatively with sales down 4.9% – according to the forecast – with 24,168 units.

In 2019, the market reported a small improvement from last year. Indeed, full-year sales were 24,727, up 2.3%.

Due to the COVID-19 Pandemic full-Year sales for 2020 have been 23,856, reporting a 3.5% decrease compared to 2019.

In 2021 the year started positively for the Guatemala market, in fact, in Q1 6,813 units have been sold, reporting a 9.9% increase in sales compared to Q1 2020, and in Q2 growth accelerated, reporting a 70.8% increase in sales with 8,080 units due to the incredibly low sales volume registered in Q2 2020.

In Q3 sales kept growing, gaining 17.2% sales with 7,049 units, and in Q4 sales remained positive, gaining 7.7% with 7,445 units sold.

Indeed, Full-Year sales for 2021 have been 29,387, reporting a 23.2% increase compared to 2020.

Brand-wise, this year the leader Toyota (+22.2%) lost 0.2% market share, followed by Kia (+24.7%), which gained 0.2% share. Hyundai (+24%) was in the third position and gained 0.1% market share.

The most sold model in the country is the Toyota Hilux with 3,639 sales (+25.1%), holding 12.4% market share.

Market Trend

Jamaica’s car market this year kept growing slowly, and reported a positive performance in Q2 and Q3.

The market has been quite stable between 5,000 – 6,000 annual sales. After hitting the best in 2015, with 6,576 units, the trend embarked on a negative path, and in 2017 the market fell down for the second year in a row, at 5,376 units, down 5.7% from the previous year.

In 2019 the market performed very well, ending the year with sales at 7,176.

Despite the COVID-19 Pandemic full-Year sales for 2020 have been 7,601, reporting a 5.9% increase compared to 2019.

In 2021 the year started slightly negatively for the Jamaican market, in fact, in Q1 1,942 units have been sold, reporting a 2.1% decrease in sales compared to Q1 2020, while in Q2 sales started growing again, reporting a 9.1% increase in sales.

In Q3 sales kept growing (+3.1%), followed by a 0.7% decrease in sales in Q4.

Indeed, Full-Year sales for 2021 have been 7,768, reporting a 2.2% increase compared to 2020.

Brand-wise, this year the leader Toyota (+5.1%) lost 1.3% market share, followed by Kia (+1.8%) which lost 0.1% share. Volkswagen (-3.7%) was in the third position and lost 0.6% market share.

Market Trend

Bermuda’s car market this year recovered very effectively from the pandemic crash and reported a positive performance in all quarters.

The domestic vehicles market is small, with just a few units over the thousand, and is fueled by tourism and rent cars. In 2017 the market reached 1,380 units, up 5.5% from the previous year. In 2018, the market hit a new all-time record, selling 1,433 units, up 4.1%.

In 2019, the market is holding a stable trend. Indeed, sales have been 1,436, setting by just 3 units a new all-time record again.

Due to the COVID-19 Pandemic full-Year sales for 2020 have been 1,123, reporting a decline of 21.8% compared to 2019.

In 2021 the year started positively for the Bermuda market, in fact, in Q1 377 units have been sold, reporting a 17.4% increase in sales compared to Q1 2020, and in Q2 sales started growing quickly, reporting a 78.1% increase in sales with 349 units sold due to the incredibly low sales volume registered in Q2 2020.

In Q3 sales kept growing (+90.1%) with 481 units sold, followed by a 49.6% increase in sales in Q4 with 528 units.

Indeed, Full-Year sales for 2021 have been 1,735, reporting a 54.5% increase compared to 2020.

Brand-wise, this year the leader Kia (+37.2%) lost 0.9% market share, followed by Toyota (+49.7%), which gained 0.9% share. Renault (+115.4%) reached the third position and gained 3.6% market share.

Market Trend

Dominican Republic’s car market this year recovered effectively from the pandemic crash despite reporting a positive performance in all quarters except for Q4.

The new vehicle market had reported a strong increase in 2016 when the new all-time record was established at 24,396 units. In 2017 sales declined back at 21,425 units (-16%) and were more in line with the average volume in this decade. In 2018, registrations reported a shy recovery. Indeed, the year ended with sales at 21,300, up just 1.3%.

However, in 2019 the market went back on a negative track. Indeed, Year to Date November sales have been 19,288, projecting the full year to 20,996, down 1.5%.

Due to the COVID-19 Pandemic full-Year sales for 2020 have been 13,318, reporting a 36.6% decrease in sales compared to 2019.

In 2021 the year started very positively for the Dominican Republic market, in fact, in Q1 4,773 units have been sold, reporting a 12.8% increase in sales compared to Q1 2020, while in Q2 sales started growing quickly, reporting a 598.5% increase in sales with 4,785 units due to the incredibly low volumes in Q2 2020.

In Q3 sales grew 35.3% with 4,654 units sold, while in Q4 sales declined by 22.8% with just 3,831 units.

Indeed, Full-Year sales for 2021 have been 18,043, reporting a 12.8% increase compared to 2020.

Brand-wise, this year the leader Hyundai (+50.2%) gained 0.2% market share, followed by Toyota (+52.3%), which gained 0.1% share. Kia (+51.9%) was in the third position.

The most sold model in the country is the Kia Sportage with 2,633 sales (+52.1%), holding 14.6% market share.

Market Trend in July

In July 2021 the Uruguayan market keeps growing in double digits after a 79.1% increase the previous month, and reports 3,751 units sold (+27.5%), leading Year to Date sales at 28,410 units, a 75.4% increase in sales compared to 2020.  Compared to pre-pandemic levels the market is growing again, in fact, with respect to July 2019 sales are up 6.2%.

Brand-wise, Fiat is the new leader and reports a 187.7% increase in sales YTD while holding 16.6% market share, followed by the previous leader Volkswagen which grew 57.1%. Hyundai reports the best performance on the leaderboard, rising 243.1%.

Medium-Term Market Trend

The market declined in recent years from the record established in 2013, with 56,220 light vehicles sold to the 44,285 units reported in 2016. However, in 2017 the market reported a robust performance ending the year at the second-best result ever, with 54,948 units (+25.4%).

In 2018 the market was heavily negative, ending with registrations at 43,815 and marking the lowest annual volume since 2010, leading the market down 20.3%.

However, in 2019 the market was still declining, falling below the 2010’s volume. Indeed, Total registrations have been 40,617 (-7.3%).

Due to the COVID-19 pandemic sales fell in  2020. In fact, sales have been 34,540, reporting a decline of 15% compared to 2019.

In 2021 the year started very positively for the Uruguayan market, in fact, in Q1 11,831 units have been sold, reporting a 45.3% increase in sales compared to Q1 2020.

In Q2 sales accelerated, reporting a 150.8% increase in sales with 12,828 units due to the incredibly low volumes in Q2 2020.

Tables with sales figures

In the tables below we report sales for all Brands and top 10 Manufacturer Groups.