Caribbean and Central American Automotive Outlook, 2024

Chinese OEMs Entry into the Industry and the Growing Electric Vehicle Adoption Indicate about a 50% Unit Sales Growth between 2021 and 2024, Followed by another 20% by 2030 to Surpass 300,000 Combined Unit Sales in the Key Countries

This outlook analyzes the automotive industry in select Central American and Caribbean countries, including Panama, Jamaica, Trinidad and Tobago, Costa Rica, the Dominican Republic, Guatemala, El Salvador, and Honduras. It provides historical sales data for each of the countries from 2020, and forecast data runs through to 2030. The outlook also offers insight into country-specific growth strategies.

Most countries in the region recovered after the COVID-19 pandemic. The entry of Chinese OEMs and EV models has resulted in growth in unit sales in the region. Demand for SUVs continues to grow, and this trend will continue during the forecast period due to stable fuel prices and consumer-friendly banking and financial services. The penetration of battery electric vehicles (BEVs) alongside hybrid and electric vehicles will increase rapidly as all the OEMs in the region are introducing new models and launching their popular new EV models from global markets. Legacy OEMs, such as Toyota, Hyundai, Kia, Nissan, and Honda, will face stiff competition from Chinese OEMs, such as BYD, especially in the entry-level BEV segments. Innovation in public-private partnerships to grow EV charging infrastructure, digital dealerships and online retailing strategies, and vehicle financing, including long-term loans, will be the key growth drivers during the forecast period.