Market Trend and Outlook

After expanding 3.1% in quarter-on-quarter annualised terms in Q2, the Israeli economy saw robust growth in Q3. However, the conflict with Hamas is weighing on momentum in Q4. The government has called up over 300,000 reservists, sparking labor shortages and depressing private spending. In addition, the closure of schools and universities is hitting the education sector, while security concerns are set to weigh heavily on tourism and investment. Moreover, movement restrictions will be reducing the supply of Palestinian laborers, weighing on construction output.

Medium-Term Market Trend

Tables with sales figures

In the tables below we report sales for 10 Brands and top 10 Manufacturers Groups.

Saudi Arabia Auto Market in September 2023 falls for the 3rd month this year, with 50,690 new sales reported (-3.4%). YTD figures at 490,818 are up 11.6% from the previous year. Ford enters the top 10 rising 90.2% in sales.

Market Trend and Outlook

The Saudi Arabian vehicle market in September 2023 falls for the 3rd month this year, with 50,690 new sales reported (-3.4%). YTD figures at 490,818 are up 11.6% from the previous year.

Looking at cumulative data up to September 2023 brand-wise, the leader Toyota holds 29.8% market share with sales up 7.6% at 146,491, followed by Hyundai in second with 76,221 units sold (+23.4%).

In third place ranks Nissan with 31,633 sales (+12.0%), followed by Kia at 30,016 (+37.0%), Ford at 23,436 (+90.2%), Changan at 23,174 (-6.1%) and Geely in 7th with 19,111 new registrations (+22.4%).

Mazda falls 1 spot into 8th with 18,540 sales (+1.0%), followed by  Isuzu with 17,971 units sold (+29.1%) and Chevrolet closing the Top 10 with 12,696 new registrations (-22.9%).

Looking at specific models the Toyota Yaris Sedan is the best seller up 25.1% and 1 spot from the previous year, followed by the Hyundai Elantra in second with a 18.8% year-on-year increase in sales.

Medium-Term Market Trend

Saudi Arabian is the 22nd largest in the World, although is still far from the record volume hit in the 2015. 

That record arrived after a fast growing decade but the rapid growth was followed by years  of difficulties, correlated with the low price of oil in th international market which limited the GDP growth.

Then, the 2020 measures anti-covid further hit th industry with sales fell at 469K, before to assist at a prompt recovery in 2021, with sales up 24.6%.

Next years perspectives are moderately positive, with GDP expansion and opportunities to increase the circulating park.

Tables with sales figures

In the tables below we report sales for top 10 brands.

Market Trend and Outlook

Oman’s light vehicle market in September 2023 falls for the 9th month in a row, with new registrations at 4,093 (-31.2%). YTD figures at 41,498 are down 14.6% from the previous year.

Looking at cumulative data up to September 2023 brand-wise, the leader Toyota is on top of the rankings with 47.4% market share and 19,667 sales (-9.0%) and a huge gap over all others.

In second place MG with 4,271 units sold (+14.7%), followed by the Hyundai reporting a strong loss in volume and accumulating 3,015 sales (+21.4%).

Looking at specific models the Toyota Hilux maintains leadership despite reporting a 35.5% year-on-year loss in sales, followed by the Toyota Land Cruiser up 8.7%.

Medium-Term Market Trend

Omani vehicles market was one of the fastest-growing worldwide in the period 2003-2013 and, at the end of a long series of annual all-time records, the market achieved a significant level of 213,000 sales in 2013.

Unfortunately, the economic crisis created by the fall of oil price in the international market and the persistently low level of this primary resource for the country economy severely hit the demand for consumers good, and the new vehicles market started a decline not yet ended.

Despite postponing the VAT introduction, the government has not been able to improve the economic trend, and even in 2019, the new light vehicles market has lost terrain. 

Due to the COVID-19 pandemic sales further fell in  2020 and in 2021 the recovery did not started with sales reaching the lowest level in the last 15 years at 74.700.

In 2022 Oman’s economic recovery is gaining traction, supported by revival in the hydrocarbon sector and the relaxation of Covid-19 social restrictions. High oil prices, continued fiscal consolidation under the authorities’ Medium Term Fiscal Plan, and determined implementation of structural reforms under Oman Vision 2040, are expected to generate fiscal and external surpluses and support higher growth over the medium term. However, heightened global uncertainties continue to cloud the outlook, with downside risks dominating in the short run.

Tables with sales figures

In the tables below we report sales for top 10 Brands and top 10 models.

Market Trend and Outlook

The Qatari vehicle market in September 2023 falls for the 4th month this year, reporting 4,808 new registrations (-16.6%). YTD figures at 44,120 are down 0.2% from the previous year.

Looking at cumulative data up to September 2023 brand-wise, the leader Toyota reports 14,249 sales (-8.4%) and 32.3% market share, far in front of Nissan with 3,160 units sold (-15.6%).

In third place ranks Land Rover -up 5 spots- with 2,950 sales (+99.9%) ahead of Leuxs in 4th with 2,923 new registrations (+109.1%).

Looking at specific models the Toyota Land Cruiser is the still best seller despite losing 23.5% from the previous year, followed by the Lexus LX with a huge 135.6% surge in sales.

Medium-Term Market Trend

Following a rapid development in the first years of this century, Qatari light vehicles market reached the all time record in the 2014, hitting the 100,000 milestone.

However, the fall of oil price in the international market and the consequent restrictive economic policy and new taxes (including VAT) introduction, hit the consumer demand and the market declined by the half in 2015-2019 period.

When Covid 19 restrictions limited the activities in 2020, the market fell down at the lowest in last 15 years at only 40.000 sales. However, the recovery was immediate in 2021, pushed by demand generated by the organization of FIFA World Championship.

Tables with sales figures

In the tables below we report sales for Top 10 Brands and Top 10 Models.

Market Trend and Outlook

The Lebanese vehicle market in September 2023 grows for the 7th month this year, reporting 2,018 new registrations (+1.0%). YTD figures at 19,113 are up 32.2% from the previous year.

Looking at cumulative data up to September 2023 brand-wise, the leader Toyota sold 6,464 vehicles (+63.4%) with market share at 33.8%.

Nissan jumps 4 spots into in second place with 2,249 sales (+210.6%) and Mitsubishi in third with 1,504 (-26.3%).

In fourth place Renault with 1,366 (+57.0%), followed by Kia at 114 (+17.6%), Mercedes at 1,110 (+26.7%), Lexus at 940 (+66.4%), Volkswagen at 813 (+40.2%), BMW at 494 (+82.3%) and in 10th place MG at 442 (+30.4%).

Looking at cumulative data the Nissan Sunny becomes new the best selling model rising 729.7% in year-on-year sales and 7 spots in the rankings. The Toyota Hilux makes it into 2nd rising 1 spot (+41.2%)

Medium-Term Market Trend

The car market was stable in the range of 35K to 45K, apart the peak achieved in 2017 when the all time record was established at 52,916.

In the following two years, the hard economic difficulties due to the reduced price of oil and the huge number of refugee from Syria, reduced the industry at 34,258 (2019) which was the lowest in 10 years.

The covid 19 spread severely hit the market in 2020 with a huge 62.2% fall, one of the sharpest in the World, to only 12,934 units and even today the market is not recovering.

Indeed, in 2021 the increase was at mere 2% and this year the trend is only moderately positive, while annual volumes are at the lowest in the last 30 years.

Tables with sales figures

In the tables below we report sales for Top 10 Brands and the Top 10 Models

Market Trend and Outlook

Yemen’s light vehicle market in September 2023  grows for the 11th consecutive month, with new sales at 1,195 (+70.7%). YTD figures at 9,488 are up 70.7% from the previous year.

Looking at cumulative data up to September 2023 brand-wise, the leader Toyota reports a 20.4% growth in sales while holding 66.2% market share, followed by MG –up 7 spots- with 29.4% market share. Hyundai rises into 5th spot with an 156.3% boom in registrations.

Medium-Term Market Trend

The market collapsed in the past years. From the 14,696 vehicles sold in 2013, the industry dropped to only 3,025 in 2016, before showing a little recovery in 2017, mainly in the second half, with 3,938 units. In 2018 improved for the second consecutive year, ending with sales up 37.8% at 5,231 units.

In 2019, the market started improving at an outstanding pace. Indeed, the Full-year ended with registrations at 8,483, booming 62.2%.

Due to the COVID-19 pandemic sales fell in  2020. In fact, 5,276 units have been sold, reporting a decline of 37.8% compared to 2019.

The collapse wasn’t due to structural problems in the market, in fact, it boomed 61.2% in 2021, reporting 8,507 new yearly sales. The market stabilized in 2022 with sales dropping merely 2.3% totaling 8,274 light vehicle registrations.

Emirates Automotive Market in September 2023 grows for the 11th month in a row, reporting 21,175 new registrations (+12.2%). YTD figures at 193,698 are up 20.2% from the previous year. Mitsubishi loses 49.5% in year-on-year sales.

Market Trend and Outlook

Emirates vehicle market in September 2023 grows for the 11th month in a row, reporting 21,175 new registrations (+12.2%). YTD figures at 193,698 are up 20.2% from the previous year.

Looking at cumulative data up to September 2023 brand-wise,  the leader Toyota reports 54,386 new registrations with a 10.4% growth in volume compared to the prior year and 28.1% market share. Nissan in second is lags behind with 30,648 new registrations this year (+28.3%).

Mitsubishi maintains 3rd position with 6,965 cumulative registrations despite falling 49.5% compared to the previous year.

Looking at specific models the Nissan Sunny becomes the best seller rising 1 spot and 40.2% in year-on -year volume, followed by the Toyota Hilux down 10.2%.

Medium-Term Market Trend

UAE vehicles market flourished in the period 2010-2015, more than doubling volumes from 213.072 in 2010 to 408.154 in 2015, the current all-time record.

However, the growth was broken by the reduced purchase power that arrived in the second part of 2015 due to the sharp decline of oil revenue and the introduction of restrictive fiscal policies.

The market started to fall down in 2016 and in 2018, when the government introduced a 5% VAT duty, the annual volume was back down at 247,652 units.

In 2019, like in other markets in the region, the UAE market started recovering. Indeed, the Full-year ended at 263,001 sales, improving 6.2% from the previous year.

Due to the COVID-19 pandemic sales fell in  2020 at the lowest since 2008. A 26% recovery in 2021 was just a light in a trend not yet positive, with next year’s expected not to be easy for the industry, due to the expected global recession that would reduce the oil price in the international market reducing UAE revenues.

Tables with sales figures

In the tables below we report sales for top 10 Brands

Market Trend and Outlook

The Kuwaiti Vehicles Market in September 2023 grows for the 8th month of the year, with 10,125 new registrations (+1.1%). YTD figures at 94,652 are up 10.7% from the previous year.

Looking at cumulative data up to September 2023 brand-wise, the leader Toyota at 30,713 sales is back above 32% market share and reports a 3.4% growth in registrations from the prior year. Nissan lags far behind in second, rising 1 spot with 7,157 sales (+50.6%).

Chevrolet falls 1 spot into 3rd with 6,690 new registrations and a 1.1% loss year-on-year volume.

Looking at specific models the Toyota Land Cruiser becomes the new best seller rising 1 spot and 79.7% in year-on-year volume, followed by the Toyota Camry up 28.8%.

Medium-Term Market Trend

The development of the domestic car market in Kuwait had a gold era over a decade ago, when the strong economic growth, high oil price and high workers immigration pushed the market up for years until reaching the 2014 all-time record with 162,719.

Then, the economy started struggling for the fall of oil price in the international market and the public spending was cut while taxes increases. The car market start struggling and declined for 3 consecutive years. When in 2018 and 2019 a shy recovery was in place, the arrival of pandemic pushed sales down at the last 15 years record-low of 88.000.

However, since early 2021 the economic recovery sustained consumers demand and the market is recovering.

Tables with sales figures

In the tables below we report sales for top 10 Brands and top 10 models.

Market Trend and Outlook

Bahrain’s vehicle market in September 2023 falls for the second month in a row, reporting 2,041 new registrations (-8.9%). YTD figures at 20,234 are up 6.9% from the previous year.

Looking at cumulative data up to September 2023 brand-wise, the leader is still Toyota with a 14.5% growth in sales while holding 30.1% market share, followed by Hyundai which grew 40.3%. Nissan ranks in 3rd spot with a 20.8% year-on-year loss in sales.

The best selling car becomes the Toyota Land Cruiser up 1 spot and 38.0% in year-on-year sales, followed by the Isuzu D-Max up 108 spots in the rankings.

Medium-Term Market Trend

The economic crisis correlated with the fall of oil price in the international market hit the Bahrain automotive industry in 2016, with a delay compared with the other countries in the Gulf region. Indeed the market scored the all-time record in 2015, with 65,042 sales, before a sharp decline to 38,000 units in 2017.

In 2018 the market was flat while in 2019 it was again in a deep fall.

Indeed, in 2019 the economy was further hit by the government’s decision to introduce VAT tax from January 2019, with the effect to increase inflation and reduce consumer purchase power. Several consumer goods industries have declined and the automotive was certainly among them. Indeed, in the Full-year sales have been 31,836, down 18.1%.

Due to the COVID-19 pandemic sales fell in  2020. In fact, 26,437 units have been sold, reporting a decline of 16.9% compared to 2019.

In 2021 the year started slightly negatively for the Bahrain market, in fact, in Q1 7,251 units have been sold, reporting a 1.5% decrease in sales compared to Q1 2020, while in Q2 sales started growing again, reporting a 23.8% increase in sales with 6,428 units sold.

In Q3 sales kept gaining 7.7% with 6,428 units, followed by a 8% drop in Q4 with 7,227 sales.

Indeed, Full-Year sales for 2021 have been 27,528, reporting a 3.7% increase compared to 2020.

In Q1 2022 sales dropped 16.7% with 5,853 units sold, but started recovering 3.2% in Q2 with 6,483 units sold.

Tables with sales figures

In the tables below we report sales for Top 10 Brands.