Key Market Indicators
Ecuador's Vehicle Registration is projected to soar to approximately 1.34 million units by 2028, a significant rise from the 686,000 units recorded in 2023. This marks an average annual growth rate of 10.3%. Historically, the Ecuadorian market has witnessed a robust year-on-year increase of 39.3% since 2010. In the global context, Ecuador ranked 35th in vehicle registration in 2023, with Romania slightly ahead, also registering 686,000 units. Leading the rankings were Canada, China, and Austria, occupying the second, third, and fourth positions respectively. In contrast, Ecuador's vehicle production has shown stagnation. In 2017, the country produced around 2,700 units, the same as in 2016. This represents a significant long-term decline, as the supply has decreased by 35.6% annually since 2005.
