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Automotive Report Colombia

  • ID: 2138409
  • Report
  • Region: Colombia
  • 13 Pages
  • The Economist Intelligence Unit
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Colombia is the third-largest vehicle producer in South America (behind Brazil and Argentina). The automotive industry represents under 5% of the country's industrial output, with car assembly accounting for over 20,000 direct jobs. However, despite production capacity of around 320,000 units, only around 100,000 vehicles a year were assembled in Colombia in both 2017 and 2018, according to the Colombian Association of Motor Vehicles (ANDEMOS). Domestic output accounted for 30% of new vehicle registrations.

Vehicle sales, which peaked in 2013-14, contracted in 2015-17, after the government extended a strict scrapping rule, obliging all new vehicle buyers to scrap an older one, from trucks to other vehicles. The market was further eroded by an increase in the value-added tax (VAT) from 16% to 19%. After slowing in 2016-17, the economy picked up steam in 2018; GDP growth is expected to average above 3% in 2019-23. Car sales were up 3.2% year on year in 2018 and commercial vehicle (CV) sales jumped by 14.7%.

ANDEMOS data for January-February 2019, which exclude some imports, showed a decline in vehicle sales. However, The Economist Intelligence Unit expects the market to grow by 6% during 2019, and to continue recovering over the five-year forecast period. Car sales will post a compound annual growth rate (CAGR) of 4.3%. The CV segment will expand at a faster 6.1% CAGR, owing to the popularity of pick-up trucks and sports utility vehicles (SUVs) as well as pent-up demand for medium and heavy trucks.

Industry List: Automotive, Automotive, Commercial and other vehicles, Automotive, Fuel sources, Automotive, Passenger vehicles, Automotive, Production
Industry Codes (NAIC): 336
Industry Codes (SIC): 37
Note: Product cover images may vary from those shown
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Automotive Report Colombia

Automotive report: Overview

Automotive report: Passenger cars

Automotive report: Commercial and other vehicles

Automotive report: Production

Automotive report: Fuel sources
Note: Product cover images may vary from those shown
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