Chile Automotive Market Report and Forecast 2024-2032

Chile Automotive Market Outlook

The Chile automotive market size is projected to expand at a CAGR of 6.20% between 2024 and 2032.

Key Takeaways

• Chile primarily imports vehicles and other automotive products from other parts of the world. In the year 2022, the country's imports in the automotive sector surpassed its exports by a significant margin.

• Chile aims to exclusively sell electric vehicles by the year 2035; however, EV adoption in Latin America is still low due to their high prices and limited vehicle charging infrastructure.

• The country is a leader in the electrification of public transportation in Latin America.

As per the Chile automotive market analysis, the surge in the demand for SUVs and light trucks, coupled with low interest rates on auto loans, has led to a notable expansion of the country’s automotive sector. The market has benefitted from the rapid urbanisation in the country and rising disposable income of the population.

The government in the region has been taking initiatives to accelerate the electrification of its automotive sector. For instance, in October 2021, the government announced that all vehicles sold in the country by 2035 will be electric. This initiative includes a new electromobility strategy aimed at speeding up progress towards clean mobility and conforming to international standards. According to this, by 2035, all light and medium vehicles, large mobile machinery, and public transport (buses, taxis, shared taxis), sold are expected to be zero emissions, enabling the country to achieve carbon neutrality by 2050.

In Chile, key companies are actively developing innovative solutions for the automotive sector, ranging from managing charging infrastructure to car-sharing platforms. Moreover, automobile manufacturers in Chile are integrating IoT technology into vehicles to enhance vehicle safety and prevent accidents. The continuous advancement in technology, including the use of more intricate sensors and advanced analytics tools, is playing a significant role in the Chile automotive market development.

Market Segmentation

Chile Automotive Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

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 market players are progressively shifting their attention towards producing electric vehicles and are integrating advanced technology in automobiles to enhance vehicle safety.

• 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

Key Highlights of the Report