Market Research Report
Central American and Caribbean Automotive Outlook, 2022
|Central American and Caribbean Automotive Outlook, 2022|
Published: May 4, 2022
Frost & Sullivan
Content info: 70 Pages
Delivery time: 1-2 business days
The Region has Recovered Swiftly from the COVID-19 Pandemic, and Some Countries are Expected to Rebound to Pre-pandemic Sales Numbers in 2022
This Frost & Sullivan outlook analyzes the Central American and Caribbean automotive industry, with a focus on the passenger vehicles (light vehicles, in particular) market in Panama, Jamaica, Trinidad and Tobago, Costa Rica, the Dominican Republic, Guatemala, El Salvador, and Honduras. The study provides historical PV sales data for each of the aforementioned countries from 2017, and forecast data runs through to 2028. The outlook also offers insight into key country-specific as well as overall regional growth strategies.
Most countries in the region have been severely impacted by the COVID-19 pandemic; however, recovery has been swift, and some countries are likely to rebound to pre-pandemic sales figures in 2022. The cumulative drop in sales in 2020 for the region was 31.5%, and Panama, the Dominican Republic, and Costa Rica were the major losers.
Demand for compact and mid-sized SUVs is rising, and this trend will continue during the forecast period due to stable fuel prices and consumer-friendly banking and financial services. The penetration of hybrid and electric PVs is likely to increase rapidly as all the OEMs in the region are introducing new models and bringing in their popular models from other regions. Well-established OEMs such as Toyota, Hyundai, and Kia will face stiff competition from Chinese OEMs, especially in the battery electric vehicle (BEV) segment.
Public-private partnerships are imminent in the region, and they will aid in the development of charging infrastructure to accelerate EV adoption. Well-established OEMs will also acquire and collaborate with technology companies and start-ups that operate in the electric mobility space, which will become a key factor in terms of remaining competitive in the market.