Key Market Indicators
Colombian Vehicle Registration is projected to hit approximately 2.21 million units by 2028, up from about 2.15 million units in 2023. This represents a modest compound annual growth rate (CAGR) of 0.5% year-on-year. Since 2010, the Colombian market has experienced a significant 54% year-on-year increase. In 2023, Colombia was ranked 20th globally, with Italy slightly ahead at around 2.15 million units. Canada, China, and Austria took the second, third, and fourth spots, respectively. Meanwhile, Colombian Vehicle Production is expected to reach roughly 106,000 units by 2028, climbing from about 87,000 units in 2023. This growth translates to a 3.2% CAGR year-on-year. Since 2004, Colombian production has seen a steady annual increase of 3.5%. In 2023, Colombia ranked 37th in the world, just behind Egypt's 87,000 units. The United States, Japan, and Germany held the second, third, and fourth positions in this category, respectively.
