(MENAFN- GlobeNewsWire - Nasdaq) New York, May 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "LATAM Automotive Growth Outlook 2023" -
With 4.4 million units sold and a slow recovery from the pandemic, Latin American automotive expanded by 2.7% in 2022. Ecuador showed the most growth in the region, selling 16.8% more units than in 2021, going from almost 109,000 to more than 127,000 units.
Meanwhile, Brazil, the largest sector, showed negative 0.1% growth, although it is expected to have positive growth in 2023.This study covers trends including powertrain diversification, a rise in the number of SUVs, the penetration of Chinese OEMs, modifications in purchase processes, and local production of hybrid and electric vehicles.
Toyota remains the key company in the region and the electrified vehicle (xEV) sector. The industry is expected to grow by 2.4% in 2023. Estimates show that Ecuador will continue experiencing the maximum growth in the region, with a projected growth of 12.5%, reaching more than 143,000 units.
Argentina and Brazil follow, with estimated growth of 4.5% and 5.2%, respectively.
Read the full report:
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