COLOMBIA AUTOMOTIVE AFTERMARKET MARKET

Colombia Automotive Aftermarket present significant opportunities, with over millions of passenger vehicles are currently out of warranty in 2023, and the passenger cars with an out of warranty population is projected to grow at a robust CAGR from 2023-2031.

Colombia Automotive Aftermarket market is forecasted to grow at steady expansion rate in the coming years owing to the rapid economic growth and the robust expansion of automotive industry.

Major Colombia Automotive Aftermarket Market Drivers

Colombia recorded sales of 250K vehicles in 2021 which solidifies its position as the fourth largest automotive manufacturer in Latin America. The vehicle fleet totaled 17 million units in 2021of which 39% or 6.7 million were automobiles, while passenger cars accounted for the highest sales at 41% with SUVs following closely at 39%. The latest segment has seen the most significant increase in sales, considering it constituted 28% of the total in 2016. Colombia’s low rate of motorization indicates a significant untapped demand that assemblers could potentially fulfill, as the country records 87 vehicles for every 1,000 people, contrasting sharply with countries like Argentina (227) despite having a smaller population.

 The economy of Colombia ranks fourth in Latin America in terms of size which in 2022 boasting a GDP of approximately USD 350 billion alongside a total population of 52 million people. Colombia has maintained a growth rate higher than the average Latin America countries in the last decade, bolstered by the 2016 peace agreement with the FARC guerillas, yet it continues to have a significantly lower per capita income in comparison to the regional average. Colombia is part of the Pacific Alliance regional trade agreement alongside Peru, Chile and Mexico as well as a member of the OECD.

Colombia automotive parts aftermarket boasts a business ecosystem featuring manufacturers of accessories and parts, poised to meet the needs of the domestic market while also taping into regional export opportunities. In Colombia automotive aftermarket parts, some of the leading companies include Chevrolet, Mazda, among others.

The Colombia Automotive Aftermarket Report 2023 examines the aftermarket for passenger cars and light-duty commercial vehicles in Colombia, using 2023 as the base year and projecting trends between 2024 and 2031. The Colombia aftermarket size is determined through our comprehensive research approach, which combines primary data from high-level executives with secondary information from proprietary data sources to deliver the most reliable market trends and size. This report includes profiles of key players in the Colombia automotive aftermarket industry and offers valuable insights for C-level executives with comprehensive market coverage.

Segments covered in the report:

The Colombia Automotive Aftermarket Market has been segmented on the basis of Vehicle Type, replacement part, certification. Based on the vehicle type, the market has been segmented into commercial vehicles and passenger vehicles. By replacement parts, the market is segmented into Tire, Battery, Brake Parts, Filters (Air Filter, Oil Filter, Others), Lighting Components, Electronic components, Lubricants, Clutch Parts, Engine Components, (Timing Belt, Spark Plugs, Others) & Others. Based on certification, the market has been segmented into Genuine Parts, Certified Parts, Counterfeit Parts, Others.

Market Segmentation

Colombia Automotive Aftermarket by Vehicle Type

• • • • Commercial Vehicles
      • Passenger Vehicles

Colombia Automotive Aftermarket by Replacement Parts

• • • • Tire
      • Battery
      • Brake Parts
      • Filters

• • • • • Air Filter
        • Oil Filter
        • Others

• • • • Lighting Components
      • Electronic Components
      • Lubricants
      • Clutch Parts
      • Engine Components

• • • • • Timing Belt
        • Spark Plugs
        • Others
      • Others

Colombia Automotive Aftermarket by Certification

• • • • Genuine Parts
      • Certified Parts
      • Counterfeit Parts
      • Others