Colombia | The automotive sector with the fuel to grow

Summary

Vehicle ownership has increased in recent years. However, its sales are at lower levels than those reported in 2022 and 2019. Despite the lower sales levels of the last years, July's data showed an improvement, which seems to be the prelude of a gradual recovery of the sector.

Key points

• Key points:
• In terms of demand, DANE currently reports that today 14.4% of households in Colombia own a private vehicle and 27.2% own a motorcycle, compared to 12.4% and 15.1% in 2010.
• According to cumulative figures through July, about 15,000 units per month are being sold this year, compared to an average of 20,000 units sold before the pandemic and 21,000 units sold two years ago.
• Despite the lower sales levels of recent times, the July figure showed some improvement, which seems to be the prelude to a gradual recovery of the sector.
• The greater dynamism of the sector, to be achieved in the medium term, is key not only for the sector in particular, but for many sectors interconnected with it and for the country's growth.

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