Key Market Indicators
In 2019, vehicle registrations in Venezuela surged by 117% compared to the previous year, reaching approximately 4,500 units. This significant increase marked a sharp rise from the 2,080 units registered in 2018. Despite this recent growth, the Venezuelan market has experienced a long-term decline. Since 2010, vehicle registrations have plummeted by 28% annually. Meanwhile, vehicle production in Venezuela has also faced considerable challenges. In 2017, the country's production levels were close to 1,770 units, a steep 38% drop from the 2,850 units produced in 2016. This downward trend in production is even more pronounced over a longer period. Since 2004, vehicle production in Venezuela has decreased by nearly 56% each year.
