Market Trend and Outlook

The Mexican economy is in the midst of a broad-based expansion. Growth is expected to be 3.2 percent by the end of 2023, led by robust private consumption and investment, with notable strength in service sectors, construction, and auto production. This has led to record-low unemployment rates and record-high manufacturing capacity utilization rates. The authorities have commendably kept public debt in check. Monetary policy is rightly focused on bringing down inflation.

This strong momentum is evident in the Mexican Vehicle Market, with sales in October 2023 rising for the 18th month in a row and reaching  113,672 new monthly registrations (+24.8%). YTD figures at 1.10 million are up 25.3% from the previous year.

Looking at cumulative data up to October 2023 brand-wise, the first two spots remain unchanged, with Nissan in 1st at 194,357 sales (+47.5%) and Chevrolet in 2nd at 138,935 (+11.6%), while Volkswagen rises 1 spots into 3rd with 90,745 registrations (+23.8%).

Toyota falls 1 spot into 4th position with 83,009 sales (+9.2%), followed by Kia with 77,563 sales (+4.8%), Mazda -up 1 spot- at 60,106 (+62.6%), MG with 45,507 registrations (+19.8%) and Hyundai with 39,688 units sold (+16.5%).

Ford maintains 9th with 37,573 sales (+13.8%) and Renault  closes the Top 10 with 35,021 units sold (+26.6%).

Looking at specific models the Nissan Versa is the market’s best seller, with an 57.7% year-on-year increase in sales, followed by the Nissan NP300 up 62.4% and 1 spot.

Medium-Term Market Trend

The Mexican automotive industry grew uninterruptedly from 2010 to 2016 with sales booming from 803,263 in 2010 to the all-time high at 1,61 million in 2016. The trend reversed in 2017 falling for 3 years down to 1.32 million in 2019.

Covid-19 forced manufacturers and distributers to close down, causing the car market to drop 28% to 952,982 sales by the end of 2020.

After the pandemic the market recovered, growing 6% in 2021 back above the 1 million mark. 2022 grew another 7% to 1.09 million cumulative sales. Despite the market reporting increases in sales, lately the global industry has been confronting some big problems: firstly a disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips and the Governments push towards Evs, an expensive alternative for many consumers if compared to ICE vehicles.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 models.

Market Trend and Outlook

The Egyptian vehicle market in September 2023 falls for the 22nd month in a row, with new registrations reaching 3,549 (-77.1%). YTD figures at 42,626 are down 72.2% from the previous year.

Looking at cumulative data up to September 2023 brand-wise, Nissan rises 1 spot into first position with 7,149 sales (-63.4%), followed by Chery at 6,201 (-71.7%) and Chevrolet with 5,192 (-67.2%).

Further down the rankings Renault reports the best performance in the top 10, falling merely 7.5% with 3,221 cumulative new registrations.

Looking at specific models the Nissan Sunny is the best seller despite losing 61.5% in year-on-year volume, followed by the Chevrolet TFR down 75.6% in sales but down 1 spot in the rankings.

Medium-Term Market Trend

Egyptian vehicle sales moved up and down in the past decade. From 2011 to 2013, despite the yearly changes in trend, overall sales fell from 244,328 in 2010 to 207,405 in 2013, with 2011 reporting a 26.7% loss and 2012 a 19.7% growth. In 2014 the market increased by 34.9% up to the current all-time high of 279,779 sales, while in 2015 started a 3 year loss that moved sales to 129,254 by the ed of 2017. In 2018 the market rebounded 41.5% to fall back down in the following year, ending 2019 at 163,383.

Unlike in most countries of the world, the arrival of the pandemic in 2020 caused the Egyptian market to increase by 34.5% reaching 219,687.

The momentum continued into the following year with 2021 closing at 266,348. 2022 interrupted this growth in the Egyptian vehicles market with sales down 32.6% from the prior year at 186,819. A combination of factors are behind the current industry struggle: mainly the disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips.

Market Trend and Outlook

The Egyptian vehicle market in 2022 totaled 178,644 new registrations, a 35.3% drop from the prior year. December reported 8,110 sales, the 13th consecutive monthly loss (-64.3%).

Looking at cumulative data from 2022 brand-wise, Chevrolet maintains first position with 24,825 sales (-40.0%), followed by Nissan at 24,013 (-10.1%) and Chery -up 4 spot- with 18,918 (+16.0%).

Suzuki jumps 2 spots into 4th accumulating 18,297 sales (+6.9%), while Toyota moves up a spot into 5th with 14,411 registrations (-43.9%), overtaking MG at 11,359 (-51.9%).

Hyundai falls into 7th spot with 9,958 sales (-60.4%), in front of Kia at 8,068 (-51.0%), Fiat at 5,993 (-56.8%) and BYD -up 2 spots- at 5,349 new registrations (-22.4%).

Market Trend and Outlook

The Mexican light vehicle market in 2022 totals 1.09 million sales, a 7.0% increase from the prior year. In December demand grew for the 8th month in a row, posting 120,862 new registrations (+24.1%).

Looking at cumulative data from 2022 brand-wise, the first two spots remain unchanged, reporting Nissan in 1st with 168,940 sales (-17.2%) and Chevrolet in 2nd with 155,208 (+30.5%).

Toyota moves into 3rd position with 96,387 (+5.8%), followed by Kia -up 1 spot- with 89,140 sales (+8.7%), Volkswagen -down 2 spots- with 85,941 (-12.7%), Mazda  with 48,275 (+2.9%) and MG -up 8 spots- with 48,112 new car registrations (+194.1%).

Hyundai (+11.1%) and Ford (+1.5%) rank in 8th both reporting 41,357 sales, followed by Suzuki at 40,366 new sales (+22.2%) and Honda in 10th with 39,095 sales (-8.7%).

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 models.

Market Trend

The Egyptian car market this year recovered effectively from the pandemic crash of 2020 and reported a negative performance only in Q1.

Following two years (2014 and 2015) of high sales volume, in 2016 and 2017, the Egyptian vehicles industry has been buffeted by a devalued currency, spiraling new-vehicle price increases, higher interest rates, and three hikes in fuel prices as the government rolls back fuel subsidies to control budgetary expenditures.

In addition, VAT increased in 2017, and duties for over 2 liters vehicles further increased. The result was an unprecedented fall of demand with 2017 light vehicle sales down at 137,821, losing 36% from the previous year.

Finally, during 2018 the huge pressure on vehicles price has been reduced and the positive economic trend created the mood for recovery. In fact, the market ended the year with 193,000 light vehicle sales. In 2019 the market has been hit again by the price increase and ending the year with a double-digit fall, breaking the recovery. Indeed, Total sales in 2019 have been 171,252, down 11.3%.

Despite the COVID-19 pandemic sales increased in  2020. In fact, sales have been 227,117, reporting an increase of 32.6% compared to 2019.

In 2021 the year started slightly negatively for the Egyptian market, in fact, in Q1 50,800 units have been sold, reporting a 2% decrease in sales compared to Q1 2020, while in Q2 sales started growing quickly, reporting a 86.7% increase in sales with 77,589 units sold due to the incredibly low sales volume registered in Q2 2020.

In Q3 sales kept growing, gaining 17.9% sales with 68,364 units, while in Q4 sales rose only 1.6% with 68,364 units sold.

Indeed, Full-Year sales for 2021 have been 266,348, reporting a 21.2% increase compared to 2020.

Brand-wise, this year the leader Chevrolet (+27.3%) gained 1.2% market share, followed by Toyota (+55.9%), which gained 3.6% share and reported the best performance on the leaderboard. Hyundai -up 1 spot- gained 0.4% share, gaining 24.4%.  Nissan fell in 4th place (+12.7%), followed by Fiat -up 1 spot- which gained 19.5%.

Kia -up 1 spot- grew 31.3%, followed by Chery which gained 29.7% and Peugeot which rose 2 spots and gained 38.1% sales. Closing the leaderboard we have Opel gaining 12.5% and Renault -down 5 spot- which reported the worst performance, dropping 46.5%.

The most sold vehicle this year has been the Chevrolet TFR (+49.2%) with 30,895 units sold, followed by the Toyota Corolla, which gained 39.5% registering 19,448 new sales this year. The Fiat Tipo (+25%) closes the podium and reports 15,658 new units sold.

Tables with sales figures

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

Market Trend

The Mexican car market this year recovered slowly, and reported positive performances in Q2 and Q3, but started falling again in Q4.

The Mexican automotive industry grew up uninterruptedly for the entire period 2010-2016 with light vehicles sales booming from 803,222 (2010) to the all-time record of 1,604,000 (2016) and the growth of the domestic market was simultaneous to the huge development of the local production, which boomed for new localization done by new manufacturers like Honda, Mazda, Hyundai, Kia and by the expansion of already existing companies, like Ford and General Motors.

In 2016 Mr. Trump became President of the United States. The Mexican domestic market was at a high peak and it was expected a steady decline before starting a new positive path and indeed in 2017 sales declined just 5% at 1.53 million.

However, the start of the revision of the commercial agreement with the US and the increase of tariffs blocked the growth of the Mexican economy and the major industrial sector, the automotive was even more penalized by new limits to the export to the US zone. The negative trend became more “structural” than expected and sales declined in 2018 and 2019.

Due to the COVID-19 pandemic sales fell in  2020. In fact, 949,121 units have been sold, reporting a decline of 28% compared to 2019.

In 2021 the year started negatively for the Mexican market, in fact, in Q1 259,034 units have been sold, reporting a 12.7% decrease in sales compared to Q1 2020, while in Q2 sales started growing quickly, reporting a 83.4% increase in sales with 256,361 units due to the low volumes in Q2 2020.

In Q3 sales kept growing but slowed down, gaining just 4.2% with 237,322 units, followed by a 9.9% loss in Q4 with 256,834.

Indeed, Full-Year sales for 2021 have been 1 million, reporting a 6.4% increase compared to 2020.

Brand-wise, this year the leader Nissan (+4.9%) lost 0.4% market share, followed by Chevrolet (-16.4%), which lost 3.3% share and reported the worst performance on the leaderboard. Volkswagen on the other hand lost 0.8% share, falling 1.3%.  Toyota remained in 4th place and reported a 19% gain, followed by Kia which gained 11.4%.

Mazda -up 1 spot- gained 1.7%, overtaking Honda (-10.8%) while Ford gained 9.7%. Closing the leaderboard we have Hyundai gaining 15.4% this year and Suzuki  reporting the best performance by gaining 27.2%.

The most sold vehicle this year remains the Nissan Versa (+2.6%) with 69,775 units sold, followed by the Nissan NP300, which gained 8.8% registering 48,495 new sales this year. The Chevrolet Aveo (+19%) closes the podium and reports 37,039 new units sold.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 models.

Economic Environment

Economic activity appears to have improved somewhat in recent months, following a 1.7% year-on-year contraction in Q2 (Q1: +5.0% YoY). PMI data for September indicated the first overall increase in non-oil private sector activity in 14 months, driven by an uptick in consumer demand.

Meanwhile, relatively low new Covid-19 cases through October and continued public spending initiatives bode well for activity in Q4. In other news, regional tensions have heightened regarding Ethiopia’s under-construction dam on the Nile river, with talks resuming in late October in an attempt to break the impasse over the operation and control of all-important water flows.

In politics, polls opened on 24 October for the first of multiple rounds of voting in parliamentary elections. No significant shift in the composition is expected, with the legislative body broadly lacking the powers to balance the authority of the president.

Market Trend

The Egyptian car market grew incredibly in 2020 despite the world-wide COVID-19 pandemic due to deflation of the local currency.

Following two years (2014 and 2015) of high sales volume, in 2016 and 2017, the Egyptian vehicles industry has been buffeted by a devalued currency, spiraling new-vehicle price increases, higher interest rates, and three hikes in fuel prices as the government rolls back fuel subsidies to control budgetary expenditures.

In addition, VAT increased in 2017, and duties for over 2 liters vehicles further increased. The result was an unprecedented fall of demand with 2017 light vehicle sales down at 137.821, losing 36% from the previous year.

Finally, during 2018 the huge pressure on vehicles price has been reduced and the positive economic trend created the mood for recovery. In fact, the market ended the year with 193.000 light vehicle sales. In 2019 the market has been hit again by the price increase and ending the year with a double-digit fall, breaking the recovery. Indeed, Total sales in 2019 have been 171.252, down 11.3%.

Indeed, Full-Year sales for 2020 have been 227.117, reporting a 32.6% increase in sales compared to 2019.

Brand-wise, this year the leader Chevrolet (+38.1%) gained 0.8% market share, followed by Toyota (+87.3%)-up 3 spots-, which gained 3% share. Nissan -down 1 spot- lost 4.4% share, falling 8.4%.  Hyundai fell in 4th place (+1.9%), followed by Renault -down 1 spot- which reported the worst performance on the leaderboard by falling 10.9%.

MG -up 4 spots- grew 207.3%, followed by Fiat which reported the best performance by growing 228.3 -up 5 spots-  and Kia which fell 2 spots and gained 28.6% sales. Closing the leaderboard we have Chery -down 2 spots- gaining 38% and Opel -down 1 spot- gaining 68.5%.

The most sold vehicle this year has been the Chevrolet TFR (+61.9%) with 32.919 units sold, followed by the Toyota Corolla, which gained 114.6% registering 14.318 new sales this year. The Nissan Sunny (+0.5%) closes the podium and reports 13.365 new units sold.

Tables with sales figures

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

Market Trend

The Mexican car market was hit extremely harshly in 2020 as the global pandemic has impacted sales tremendously. In fact, the fall was so harsh that we recorded the lowest annual volume for the country since 2011.

The Mexican automotive industry grew up uninterruptedly for the entire period 2010-2016 with light vehicles sales booming from 803.222 (2010) to the all-time record of 1.604.000 (2016) and the growth of the domestic market was simultaneous to the huge development of the local production, which boomed for new localization done by new manufacturers like Honda, Mazda, Hyundai, Kia and by the expansion of already existing companies, like Ford and General Motors.

In 2016 Mr. Trump became President of the United States. The Mexican domestic market was at a high peak and it was expected a steady decline before starting a new positive path and indeed in 2017 sales declined just 5% at 1.53 million.

However, the start of the revision of the commercial agreement with the US and the increase of tariffs blocked the growth of the Mexican economy and the major industrial sector, the automotive was even more penalized by new limits to the export to the US zone. The negative trend became more “structural” than expected and sales declined in 2018 and 2019.

After starting the year with a slight negative trend (-6.1%) the market registered the only positive month of the year in February (+0.4%). The market collapsed in March as the virus struck, in fact, the sharpest drop in sales this year was in April when sales declined by 64.8%. In the following months, the market remained down in double-digits for the entire rest of the year, recovering very slowly.

Indeed, Full-Year sales for 2020 have been 949.121, reporting a decline of 28% compared to 2019.

Brand-wise, this year the leader Nissan (-27.5%) gained 0.2% market share, followed by Chevrolet (-29.9%), which lost 0.4% share. Volkswagen on the other hand lost 0.4% share, falling 30.6%.  Toyota remained in 4th place and reported a loss of 27.5%, followed by Kia which lost 22.9%.

Honda lost 34.3%, followed by Mazda (-23.2%) and Ford which reported the worst performance on the leaderboard by losing 35.4%. Closing the leaderboard we have Hyundai losing 29.3% this year and Suzuki entering the leaderboard by jumping 1 spot and reporting the top 20 hold, losing 16.8%.

The most sold vehicle this year remains the Nissan Versa (-21.9%) with 68.013 units sold, followed by the Nissan NP300, which lost 29.2% registering 44.577 new sales this year. The Chevrolet Beat (-40.4%) closes the podium and reports 38.393 new units sold.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 models.

Economic Environment

Egyptian economic growth slowed for the second consecutive quarter in Q2 FY 2020, which ran from October to December, as suggested by a decrease in the quarter’s non-oil private sector PMI reading compared to the previous quarter.

More positively, international reserves, which have been climbing since Egypt began the three-year IMF program in 2016, rose to USD 45.4 billion in December, the highest reading in at least a decade-and-a-half.

In other news, the government announced in December that several international energy companies, including Chevron and Royal Dutch Shell, had been granted exploration rights in Egyptian waters, in a bid to boost the energy sector.

Market Trend

Following two years (2014 and 2015) of high sales volume, in 2016 and 2017, the Egyptian vehicles industry has been buffeted by a devalued currency, spiraling new-vehicle price increases, higher interest rates, and three hikes in fuel prices as the government rolls back fuel subsidies to control budgetary expenditures.

In addition, VAT increased in 2017 and duties for over 2 liters vehicles further increased.

The result was an unprecedented fall of demand with 2017 light vehicles sales down at 137.821, losing 36% from the previous year.

Finally during the 2018 the huge pressure on vehicles price has been reduced and the positive economic trend created the mood for a recovery. In fact, according to data released by the local Association of Car Manufacturers, the market ended the year with 193.000 light vehicles sales.

In 2019 the market has been hit again by the price increase and ending the year with a double-digit fall, breaking the recovery. Indeed, Total sales in 2019 have been 178.699, down 12.9%.

In the competitive landscape, two brands fight every year for the leadership and in the 2019 Chevrolet is prevailed over Hyundai with a large gap. In 2019, these two brands achieved a combined share of 36.3% and, while adding the score reported for the third, Nissan, 50% of the market was concentrated in 3 players.

Tables with sales figures

In the tables below we report sales for Top Brands

Economic Environment

Market Trend

The Mexican automotive industry grew up uninterruptedly for the entire period 2010-2016 with light vehicles sales booming from 803.222 (2010) to the all time record of 1.604.000 (2016) and the growth of the domestic market was simultaneously to the huge development of the local production, which boomed for new localization done by new manufacturers like Honda, Mazda, Hyundai, Kia and by the expansion of already existing companies, like Ford and General Motors.

In the 2016 Mr Trump become President of the United States….

The Mexican domestic market was on a high peak and it was expected a steady decline before to start a new positive path and indeed in the 2017 sales declined just 5% at 1.53 million.

However, the start of the revision of commercial agreement with US and the increase of tariff, blocked the growth of the Mexican economy and the major industrial sector, the automotive was further more penalized by new limits to the export to the US zone.

The negative trend become more “structural” than expected and sales declined in 2018 and 2019.

Indeed, according to data released by the Association of Mexican Automotive Industry, Full-year sales in 2019 were 1.317.937, down 7.6%.

The king of domestic market was again Nissan. However, the pressure of new entrants have reduced the power of the leader and Nissan market share declined from over 25% (25.7% in the 2015) to 20.1% in 2019.

In second place Chevrolet has lost a few points of share as well, from 18% in the period 2012-2016 to near 15% in 2018 and 2019.

The only other brand over 10% was the third, Volkswagen, at 10.9%. In recent years, fast-growing brands are Toyota, Kia, Mazda, Hyundai and Renault, while Ford has lost over the half of the share, from 10.8% in the 2010 down at 4.4 in 2019.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 models.