Trinidad & Tobago vehicles market falls due to the global pandemic affecting sales. Indeed, Full Year 2020 sales have been 10.122, down 31% compared to 2019. Toyota remains the leader but loses market share to Nissan and Hyundai.
Economic Environment
The economy likely contracted sharply in Q2 amid social distancing measures and a softened energy sector. Looking at the third quarter, domestic momentum seemed to pick up as both cement and motor vehicle sales were significantly higher compared to the previous quarter, suggesting stronger construction activity and private consumption, respectively.
That said, the vital energy industry likely lost steam as the production of liquefied natural gas fell well below Q2’s monthly average in Q3, while the chemicals industry also showed weakness, as ammonia and fertilizer exports were below Q2’s monthly average in July–August.
In other news, some restrictions were lifted on 26 October, including the reopening of gyms, cinemas, casinos and theaters at 50% capacity, boding well for a recovery in the fourth quarter.
Market Trend
The Trinidad & Tobago vehicle market has been affected in 2020 by the global COVID-19 pandemic, which impacted sales significantly.
It is one of the largest markets in the Caribbean with recent years characterized by a sequel of new all-time records, ended in 2016 with a record of 18.204. However, in 2017, the momentum was suddenly broken and the market fell down above any expectations, falling at the lowest level in this decade, at 13.500 units, down 25.8% from the previous year.
In 2018, the market kept declining. Indeed, the year ended with sales at 13.200, down 2.2% from the previous year.
In 2019, the market reports robust improvement from last year. Indeed, full-year sales have been 14.670, up 11.1%.
Full-Year sales for 2020 have been 10.122, reporting a 31% decrease compared to 2019.
Brand-wise, this year the leader Toyota (-33.2%) lost 0.6% market share, followed by Nissan (-29.9%) which gained 0.3% market share. Hyundai (-29.8%) was in the third position and gained 0.3% market share as well.
The most sold model in the country is the Toyota Hilux with 767 sales (-37.3%), holding 7.6% market share.
