Brazil has overtaken Germany this year to become the fourth largest car market in the world, and foreign investors see enormous potential in it given the rising standard of living of its residents.
Brazilian manufacturers’ association Anfavea estimates that by the end of this year, a total of 3.45 million vehicles will have been sold in Brazil, nearly 10 percent more than last year. This would place Brazil fourth in the world in terms of the number of cars and light trucks sold, behind China, the United States, and Japan, and ahead of Germany. “This fact alone is a great attraction for a growing market, with a low number of vehicles per capita,” said Anfavea president Cledorvino Belini to AFP. He explained that Brazil, with 192 million inhabitants, has approximately one vehicle for every seven residents, leaving plenty of room for growth. There are about 30 million vehicles in Brazil, and major global automotive companies expect that number to rise as the country’s economic boom increases the number of consumers. European and American markets are considered saturated, with minimal prospects for growth. In terms of production, Brazil is the sixth largest vehicle manufacturer in the world, with 3.64 million vehicles produced across 17 different brands. (H)
