According to the report by Expert Market Research (EMR), the Chile automotive market is projected to grow at a CAGR of 6.20% between 2024 and 2032. The market is driven by the economic stability, increasing consumer purchasing power, and significant shifts in automotive technology, th e market is expected to grow significantly by 2032.
The automotive sector is vital for its economy, encompassing a wide range of activities from vehicle sales and maintenance to parts manufacturing and technological innovation. The market is adapting to global trends, such as sustainability and digitisation, which are reshaping consumer expectations and driving different sector’s strategies.
Chile is witnessing a rapid increase in the adoption of electric vehicles, supported by government policies aimed at reducing carbon emissions and improving urban air quality. Incentives for electric vehicles purchases and investments in charging infrastructure are making electric vehicles more accessible to Chileans.
As Chile’s economy grows, so does the disposable income of its citizens, which enables higher expenditures on vehicles. This economic uplift is expanding the consumer base for both new and used vehicles, consequently driving up Chile automotive market share.
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The integration of advanced technologies such as connectivity, autonomous driving, and enhanced safety features is becoming increasingly prevalent in vehicles offered in the market. These innovations are not only improving vehicle functionality but are also enhancing the overall driving experience.
Ongoing urbanisation and improvements in road infrastructure are facilitating vehicle sales. Better roads and expanding urban centres are encouraging the purchase of vehicles suitable for both city driving and rural terrains
Chile’s government is actively promoting the automotive sector through various regulations and incentives, including lower import duties on electric and hybrid vehicles, which are aligning with global environmental goals, leading to Chile automotive market development.
Chile predominantly brings in vehicles and automotive goods from various regions globally. In 2022, the nation’s automotive imports exceeded its exports by a considerable margin. By 2035, Chile plans to focus solely on selling electric vehicles, yet the adoption of electric vehicles in Latin America remains minimal due to their expensive costs and inadequate charging infrastructure for vehicles. Chile stands out as a frontrunner in the electrification of public transportation across Latin America.
As per the Chile automotive market analysis, the regional government has been implementing measures to expedite the electrification of its automotive sector. As an illustration, in October 2021, an announcement was made that all vehicles sold in the nation by 2035 will be electric. This endeavour encompasses a fresh electromobility strategy designed to hasten the transition towards sustainable transportation and align with global benchmarks.
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As per this plan, it is anticipated that by 2035, all light and medium vehicles, large mobile machinery, and public transportation (such as buses, taxis, and ride-sharing services) sold will be zero-emission, paving the way for the country to achieve carbon neutrality by 2050. In Chile, prominent companies are actively working on cutting-edge solutions for the automotive sector, spanning from the management of charging infrastructure to the establishment of car-sharing platforms. Furthermore, automotive manufacturers in Chile are incorporating IoT technology into vehicles to bolster safety features and mitigate accidents. The continuous evolution of technology, including the utilisation of more sophisticated sensors and advanced analytics tools, is playing a pivotal role in the development of the automotive market in Chile, thereby leading to Chile automotive market growth.
Market Segmentation
The market can be divided based on the vehicle type and engine type
Market Breakup by Vehicle Type
- Hatchback
- Multi-purpose Vehicle
- Sedan
- Sports Utility Vehicle
Market Breakup by Engine Type
- Hybrid And Electric Vehicles
- BEV
- FCEV
- HEV
- PHEV
- Internal Combustion Engine Vehicle
- CNG
- Diesel
- Gasoline
- LPG
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in Chile automotive market. Some of the major players explored in the report by Expert Market Research are as follows:
- Toyota Motor Corp.
- Volkswagen AG
- Nissan Motor Co. Ltd.
- Hyundai Motor Company
- Kia Corporation
- Suzuki Motor Corp.
- General Motors Company (Chevrolet)
- Honda Motor Co. Ltd.
- BMW AG
- Ford Motor Company
- AB Volvo
- Others
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