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
