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Caribbean and Central American Automotive Outlook, 2024
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
02-Jul-2024
Global
Market Outlook
Description
This Frost & Sullivan 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.
Author: Vishwas Shankar
Table of Contents
Why Is It Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Central American and Caribbean Automotive Industry
Growth Opportunities Fuel the Growth Pipeline EngineTM
Key Findings: A Recap of 2023
Top Predictions: 2024–2030
Automotive Industry Outlook by Country
Top 10 Trends for 2024
Top 10 Growth Opportunities
Global GDP Growth: Mild Global Growth Slowdown from 3.0% in 2023 to 2.6% in 2024 as Key Economies Lose Growth Momentum
Inflation and Interest Rates: Headline Inflation to Continue to Decline; H2 2024 Shift Toward Rate Cuts for Advanced Economies
Currency Trajectory: Rate Cuts to Cap Upside Dollar Gains in H2; Weak Regional Growth to Weigh on Euro; Emerging Market Currencies to Get a Boost from Q3 2024 Onward
Oil Markets: Q1 2024 OPEC+ Oil Production Cuts; Brent Prices to Average $83 to $85/Barrel
Labor Market: Moderate Unemployment Uptick; Positive Expectations Over Market Sentiment to Support Labor Hoarding
Critical Minerals Supplies: Need for Economic Resiliency to Bolster Cross-border and Cross-industry Partnerships Within Critical Minerals Supply Chains
North America: Economic Slowdown Amidst Discretionary Spending Pullback and Elevated Interest Rates in North America
Western Europe: Moderate Growth Pickup in Western Europe as Inflation Headwinds Ease Gradually; Rebuilding Fiscal Buffers to Take Precedence
Middle East: Non-oil Growth Driven by Economic Diversification to Limit the Pullback Caused by a Slowdown in Global Oil Markets in the Middle East
Asia: Emerging Economies to Drive Growth Momentum in Asia; Fiscal Measures to Support Chinese Economic Recovery
List of Countries, 2024
Research Scope
Segmentation
Panamanian Sales Outlook
Panamanian Sales Forecast
Panama, Key Growth Strategies, 2025–2030
Jamaican Sales Outlook
Jamaican Sales Forecast
Jamaica, Key Growth Strategies, 2025–2030
Trinidad and Tobago Sales Outlook
Trinidad and Tobago Sales Forecast
Trinidad and Tobago, Key Growth Strategies, 2025–2030
Costa Rican Sales Outlook
Costa Rican Sales Forecast
Costa Rica, Key Growth Strategies, 2025–2030
Dominican Republic Sales Outlook
Dominican Republic Sales Forecast
Dominican Republic, Key Growth Strategies, 2025–2030
Guatemalan Sales Outlook
Guatemalan Sales Forecast
Guatemala, Key Growth Strategies, 2025–2030
El Salvadorean Sales Outlook
El Salvadorean Sales Forecast
El Salvador, Key Growth Strategies, 2025–2030
Honduran Sales Outlook
Honduran Sales Forecast
Honduras, Key Growth Strategies, 2025–2030
Growth Opportunity 1: Increased Electric Vehicle Offerings
Growth Opportunity 1: Increased Electric Vehicle Offerings (continued)
Growth Opportunity 2: Digital and Contactless Sales Processes
Growth Opportunity 2: Digital and Contactless Sales Processes (continued)
Growth Opportunity 3: Regulatory Push
Growth Opportunity 3: Regulatory Push (continued)
Conclusions and Future Outlook
Best Practices Recognition
Frost Radar
Benefits and Impacts of Growth Opportunities
Next Steps
Take the Next Step
List of Exhibits
Legal Disclaimer
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| Deliverable Type | Market Outlook |
|---|---|
| Author | Vishwas Shankar |
| Industries | Automotive |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | Automotive Market Outlook |
| Keyword 2 | Central American automotive trends |
| Keyword 3 | Caribbean automotive market |
| Podcast | No |
| WIP Number | K9C8-01-00-00-00 |