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Central American and Caribbean Automotive Outlook, 2022
The Region has Recovered Swiftly from the COVID-19 Pandemic, and Some Countries are Expected to Rebound to Pre-pandemic Sales Numbers in 2022
04-May-2022
North America
Market Outlook
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.
Author: Vineeth Purushotham
2021 Key Higlights
Select Central American and Caribbean Countries—Unit Sales Snapshot
Automotive Market by Country—Regional Snapshot
Key Transformative Factors, 2022
Top Predictions, 2022
Why Is It Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top Three Strategic Imperatives on the Central American and Caribbean Automotive Industry
Growth Opportunities Fuel the Growth Pipeline Engine™
Top 5 Global Economic Highlights of 2021
Top 5 Global Economic Predictions for 2022
Global GDP Growth
2022 Scenario Analysis—Quarterly Global Growth
2022 Scenario Analysis—Assumptions
2022 Global GDP Growth Snapshot
Advanced Economies—Predictions for 2022
Emerging Market Economies—Predictions for 2022
Top 5 Global Predictions For 2022—Macroeconomic Policies and Developments
2022 Growth Opportunities—Top 3 Opportunities by Region
2022 Regional Trends—Risks and Policy Direction
Research Scope
Segmentation
Short-term Sales Outlook, Panama, 2017–2022
Passenger Vehicle Sales Forecast, Panama, 2028
Key Strategies for Growth, Panama
Short-term Sales Outlook, Jamaica, 2017–2022
Passenger Vehicle Sales Forecast, Jamaica, 2028
Key Strategies for Growth, Jamaica
Short-term Sales Outlook, Trinidad & Tobago, 2017–2022
Passenger Vehicle Sales Forecast, Trinidad & Tobago, 2028
Key Strategies for Growth, Trinidad & Tobago
Short-term Sales Outlook, Costa Rica, 2017–2022
Passenger Vehicle Sales Forecast, Costa Rica, 2028
Key Strategies for Growth, Costa Rica
Short-term Sales Outlook, Dominican Republic, 2017–2022
Passenger Vehicle Sales Forecast, Dominican Republic, 2028
Key strategies for growth, Dominican republic
Short-term Sales Outlook, Guatemala, 2017–2022
Passenger Vehicle Sales Forecast, Guatemala, 2028
Key Strategies for Growth, Guatemala
Short-term Sales Outlook, El Salvador, 2017–2022
Passenger Vehicle Sales Forecast, El Salvador, 2028
Key Strategies for Growth, El Salvador
Short-term Sales Outlook, Honduras, 2017–2022
Passenger Vehicle Sales Forecast, Honduras, 2028
Key Strategies for Growth, Honduras
Growth Opportunity 1—Development of the Electrification Ecosystem for the Increased Penetration of Electric Vehicles
Growth Opportunity 1—Development of the Electrification Ecosystem for the Increased Penetration of Electric Vehicles (continued)
Growth Opportunity 2—Expansion of SUV Offerings Due to the Increased Interest in Full-size and Mid-size SUVs
Growth Opportunity 2—Expansion of SUV Offerings Due to the Increased Interest in Full-size and Mid-size SUVs (continued)
Growth Opportunity 3—Bespoke Dealer Networks and Strategies to Increase Market Share
Growth Opportunity 3—Bespoke Dealer Networks and Strategies to Increase Market Share (continued)
Key Conclusions and 2022 Outlook
Partial List of Abbreviations and Acronyms Used
List of Exhibits
List of Exhibits (continued)
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| Deliverable Type | Market Outlook |
|---|---|
| Author | Vineeth Purushotham |
| Industries | Automotive |
| No Index | No |
| Is Prebook | No |
| Podcast | No |
| WIP Number | K72A-01-00-00-00 |