HomeEconomyAuto parts sector expects to grow 23% in 2024

Auto parts sector expects to grow 23% in 2024

Omar Bautista assured that in the first five months they have grown by 10%

The auto parts sector in Venezuela It has had an average recovery of 10% during the first five months of 2024, as reported by the president of the Chamber of Venezuelan Manufacturers of Auto Parts Products, Omar Bautista.

“There has been a slight recovery in those companies that are working. Some companies are saying that they are penetrating more because they are developing new products at a lower cost and that has had a greater impact on demand,” said Bautista.

The union leader noted that these companies are those that supply spare parts to the automotive fleet, while those that are paralyzed are those that were exclusive suppliers to the auto assemblers. vehicles such as: seats, air conditioners, stamped metal parts, among others.

The Chamber, which currently has 37 members, expects to close the year with a 23% growth in the sector.

Assembly

He also hopes that with the reactivation of vehicle assembly it can continue to generate benefits for this sector, especially when national parts are incorporated into vehicles.

“We lost 40% of auto parts sales when vehicle assembly was paralyzed,” he added.

Omar Bautista assured that Venezuela currently has a very aged vehicle fleet with an average age of 22 years, where more than 70% are more than 15 years old and may have 200.000 kilometers of use.

Finally, the union leader estimates that 15.000 units of vehicles will be produced in the country this year.

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