Snapshot on Colombia 2024
Fleet Mobility Today, June 2024

Despite car sales sliding in 2023, the xEV (hybrid and EV) market in Colombia remained steady. Last year, the country had a population of approximately 52 million people and a Gross Domestic Product (GDP) of $365 billion, translating to a per capita GDP (non PPP) of $7,019. The national currency is the Colombian Peso (COP).

Economic Overview

In recent economic indicators, Colombia's inflation rate was recorded at 7.2% as of May 2024. The country's interest rate stood at 11.75% in April 2024, reflecting a cautious monetary policy in response to economic conditions. Unemployment was reported at 11.3% in March 2024, underscoring ongoing challenges in the labor market.

Colombia's main industries include agribusiness, banking, mining, textiles, and oil, among others. These sectors form the backbone of the nation's economy, driving growth and development.

Vehicle Fleet Composition

Colombia’s national vehicle fleet was estimated at 18.9 million vehicles in 2023. Notably, motorcycles dominate the fleet with approximately 11.6 million units. The country has also embraced the shift towards electrification, with around 50,000 electrified vehicles, including both fully electric and hybrid models.

In 2023, Colombia registered a total of 186,187 vehicles, including 19,222 electrified vehicles. This demonstrates a growing trend towards sustainable transportation solutions.

Automotive Market Leaders

Renault leads the automotive market in Colombia, followed by Toyota, Chevrolet, Mazda, and Kia. In 2023, Renault sold 26,041 units, though this marked a 46.6% decline year-over-year. Toyota, on the other hand, experienced a modest increase of 1.1%, selling 2,940 units.

The top five vehicle models in Colombia for 2023 were:

  1. Renault Duster

  2. Toyota Corolla Cross

  3. Mazda CX-30

  4. Chevrolet Onix

  5. Suzuki Swift
2023 Renault Duster (IMAGIN.studio)
Manufacturing and Energy Insights

Chevrolet was the only automaker with manufacturing operations in Colombia; however, the company decided to begin shutting down its manufacturing activities in 2024. This shift may impact local production and employment in the automotive sector.

In terms of energy costs, gasoline prices in June 2024 were approximately $1.02 per liter, while diesel was significantly cheaper at about $0.62 per liter. Electricity rates as of September 2023 were $0.20 per kilowatt-hour for households and $0.19 per kilowatt-hour for businesses, reflecting the cost structure for energy consumption in the country.

Conclusion

Colombia’s fleet & mobility sector is marked by a significant presence of motorcycles, a growing number of electrified vehicles, and a competitive market led by prominent brands like Renault and Toyota. The economic environment, characterized by moderate inflation and interest rates, alongside challenges in the labor market, shapes the broader context within which the automotive industry operates. As the country navigates these dynamics, the trends in vehicle registrations, manufacturing shifts, and energy costs will continue to influence its mobility landscape.

For more detailed insights and updates about Colombia and other countries, visit Fleet Mobility Today Snapshots.