Key Market Indicators
Colombia's car registration is projected to hit 2.87 million units by 2028, a significant increase from the current 1.94 million units recorded in 2023. This growth represents an average annual rate of 6.1%. Notably, since 2010, the country's demand for cars has surged by 54.6% year over year. In 2023, Colombia ranked 17th globally in car registrations, with Norway taking the lead at 1.94 million units. Trailing behind Norway were Indonesia, Austria, and Belgium, occupying the second, third, and fourth positions, respectively. On the production front, Colombia is set to manufacture approximately 99,760 units by 2028, up from 81,540 units in 2023. This reflects a compound annual growth rate (CAGR) of 3.2%. Since 2004, Colombian car production has seen a year-over-year increase of 2.6%. In 2023, Colombia ranked 39th in car production, with Algeria surpassing it at 81,540 units. The leading producers were Japan, Germany, and India, holding the second, third, and fourth ranks, respectively.
