The Brazilian market grows by 9.1% in 2023 compared to 2022
- The Brazilian passenger cars market experienced a small recovery in 2023, of around 9.1% compared to 2022, much lower than the global market (+12.9%). The Brazilian market did not exceed 1.72 million units, which places Brazil in 8th position behind France. The catch-up in the period 2020-2022 is very modest as the sales missed during these three mediocre years are estimated by Inovev at 2 million units, which was not compensated at all by the small recovery of 2023.
- Brazil was once described as a market with very high potential due to a large population (215 million people), a still low motorization rate (350 cars per 1,000 inhabitants) and a middle class which is developing with increasing incomes, but this market is subject to the economic ups and downs of emerging countries.
- The sales peak reached in 2012 (with 2.8 million passenger car sales) has never been exceeded since that date. The best performance after 2012 was recorded in 2019, with 2.3 million units. The year 2024 should continue the recovery started in 2023, but without hope of reaching the 2019 level.
- By carmakers, the Stellantis group remains the leader of the Brazilian market in 2023 (27% market share), thanks to its subsidiary Fiat which is a traditional player and very present in this market since the 1950s. The Volkswagen group is second but well behind (17% market share), ahead of the GM groups (16%) and Hyundai-Kia (11%). Chinese carmakers will reach 5% of the Brazilian market in 2023, constantly growing. Tesla only sold 16 cars last year in Brazil.