Benin vehicles Market falls due to the global pandemic affecting sales. Indeed, Full Year 2020 sales have 586, down 22.5% compared to the already very low selling 2019. Toyota consolidates leadership and gains 7.2% share.
Economic Environment
Benin’s free-market economy has grown consecutively for four years, though growth slowed in 2017, as its close trade links to Nigeria expose Benin to risks from volatile commodity prices. Cotton is a key export commodity, with export earnings significantly impacted by the price of cotton in the broader market. The economy began deflating in 2017, with the consumer price index falling 0.8%.
Market Trend
The Benin vehicles market fell in double-digits in 2020 because of the world-wide COVID-19 pandemic.
The automotive industry is still quite marginal in the African landscapes. Indeed, we talk about new vehicle sales and not on second-hands trading activity for which the country is well-known.
The new vehicles’ market reached a peak of 1.143 units sold in 2016, while embarking on a negative pathway in the following years, with a moderate decline in 2017 (-5.7%) and a sharp fall in 2018 (-23.7%).
In 2019, the market reported the 3rd consecutive year-on-year decline, registering 756 units (-9.1%) at the lowest level since 2014.
Full-Year sales for 2020 have been 586, reporting a 22.5% decrease in sales compared to 2019.
Brand-wise, this year the leader Toyota (-10.1%) gained 7.2% market share, followed by Mitsubishi (-20%), which gained 0.3% share. Suzuki reached 3rd position and gained 1.5% market share.
The most sold model in the country remains the Toyota Hilux with 178 sales (-21.2%), holding a growing 30.4% market share.
