Brazil’s vehicle sales surged 12% in 2023

In 2023, Brazil experienced a 12% increase in new vehicle registrations, reaching over 4 million units.

Fenabrave reported this surge, highlighting a significant growth from the previous year’s 3.67 million.

Notably, motorcycle and car sales drove this rise, with motorcycles increasing by 16.1% and cars by 11.3%.

This upturn marks the first time since 2019 that car sales exceeded 2 million units.

José Maurício Andreta Júnior, President of Fenabrave, credits these results to effective industry-government partnerships.

However, he emphasizes the need for sustainable growth strategies in the automotive sector.

Looking ahead to 2024, Fenabrave projects a 13.54% increase in new vehicle sales, estimating around 4.52 million units.

This forecast includes a 12% growth in car sales, potentially stimulated by the Mover program, enhancing the credit environment for vehicle purchases.

The program’s impact is expected to extend to truck sales, with a projected 10% increase, and buses, anticipated to grow by 20%.

Motorcycle sales are also predicted to rise by 16%, continuing the sector’s positive trend.

These projections reflect Brazil’s evolving automotive market, balancing economic initiatives with consumer demand and industry developments.

Background

Brazil’s vehicle sales surged 12% in 2023, surpassing 4 million units.

Fenabrave attributes this growth to a rise in motorcycle and car sales, noting motorcycles increased by 16.1% and cars by 11.3%.

Consequently, Brazil’s auto market has shown robust growth, positioning it as a regional leader in Latin America.

In contrast, this growth outpaces modest increases in the European Union and the United States.

The Mover program, enhancing the credit environment for vehicle purchases, has been pivotal in this success.