NEW YORK, April 4, 2016 /PRNewswire/ -- 2016 Outlook of the Latin American Passenger Vehicle Market : Despite Economic Uncertainty, LATAM Will Continue to Account for Vehicle Sales over 5.0 Million in 2016
The automotive market in LATAM in 2015 experienced a challenging scenario with the overall market declining. Mexico was the only region where the automotive market grew. This declining trend is expected to continue in 2016. However, the market presents a number of opportunities in the powertrain, e-mobility, connected cars, mobility, and aftermarket sectors. New market entrants and disruptors are reshaping the automotive market in LATAM. This study is a detailed outlook of what to expect from the LATAM passenger vehicle market in 2016— its major disruptive trends, market shifts, and market winners. This report offers a 360-degree overview, before concluding with top predictions and a key outlook for 2016.
2015 Key Highlights
The overall automotive market in LATAM declined by % in 2015; only Mexico grew by %. Chile overtook Colombia as the 4th largest automotive market in the region.
Renault-Nissan became the 2nd largest Original Equipment Manufacturer (OEM) in the region— overtaking FCA and VW group. In Brazil, GM became the 2nd largest OEM and overtook the VW Group.
Regulations in LATAM continued to shape the market dynamics. - INOVAR Auto (Brazil) encouraged cleaner powertrains
- CONTRAN 245 (Brazil) for connected cars was suspended after years of discussion
- Electronic Vehicles (EVs) in Brazil benefitted from % import tax
- "Luxury tax" impacted sales in Argentina
- "Green tax" in Chile reshaped market sales
With an increasing number of new and in-progress local greenfield and brownfield production plants announced in Brazil, Mexico, and Argentina in 2015, LATAM is expected to position itself as a automotive export hub in the short-to-medium term.
In the wake of declining vehicle sales, the automotive value chain in LATAM has started to realign strategies beyond the product and more towards including a focus on different services, such as financial services, connected services, aftermarket eCommerce, mobility-related services, and Customer Relationship Management (CRM).
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