Forecast: Passenger Cars in Use in Chile

Analyzing the passenger cars in use in Chile from 2013 to 2023 shows a notable trend. The number of cars increased progressively from 2.79 million units in 2013, reaching 3.85 million units in 2023. Despite a dip in 2020, likely caused by economic disruptions, the market rebounded swiftly, hitting pre-crisis and surpassing values by 2021. Notably, the year-on-year variation for 2023 stood at 2.33%, with a compound annual growth rate (CAGR) of 2.56% over the past five years.

Looking ahead, forecasted data indicate continuous growth for passenger cars in Chile. From 2024 to 2028, the number is expected to grow to 4.30 million units. The projected five-year CAGR of 1.79% shows a slower yet steady upward trend, resulting in an overall growth rate of 9.27% over the period.

Future trends worth monitoring:

• Economic stability and consumer purchasing power
• Technological advancements and adoption of electric vehicles
• Government policies on automotive standards and emissions
• Potential impact of ride-sharing and alternative transportation services