Brazil is the land of the future…and always will be, or so goes the snarky joke about Latin America’s largest country, a nation that always seems to be so close to becoming a truly first world economy, only to see itself set back by yet another crisis.
But when it comes to the automotive industry, at least, Brazil is finally in gear and, it seems, on a fast course to overtake Europe’s largest national market, Germany – perhaps this year – according to several new studies, including one by J.D. Power and Associates.
The Brazilian market has been on a shaky march for more than a decade, set in motion by that government’s creation of the so-called “Popular Car” segment. Originally seen as a small niche of stripped-down econocars aimed at first-time buyers hoping to improve their lives, the Popular Car segment is now a major force in the Brazilian auto industry.
Meanwhile, IHS Global Insight reports that improving access to credit has increased the number of potential car buyers in the nation of 206 million people by 50%.