Passenger car registrations in Chile stood at 38.64 thousand in 2023. The year-on-year variation shows a growth of 2.75% compared to 2022. Over the last five years, the compound annual growth rate (CAGR) is 2.11%, reflecting a steady but moderate increase in the market.
Analyzing a more extended period, from 2013 to 2023, there have been fluctuations in the market. Significant declines occurred in 2014 and 2015, followed by periods of recovery, particularly noticeable with high growth in 2017 and 2018. The market faced a downturn again in 2020 due to the pandemic, but it bounced back strongly in 2021. The forecasted data from 2024 to 2028 predict continued growth with a forecasted 5-year CAGR of 2.08%, indicating an overall growth rate of 10.82% by 2028.
Future Trends to Watch:
- Electrification of the passenger car market as Chile pushes for greener initiatives.
- Continued urbanization leading to increased demand for personal vehicles.
- Potential impacts of economic policies and trade agreements on car imports and pricing.
