Market Trend and Outlook

Recently released preliminary national accounts data showed the economy expanded 2.4% year on year in the third quarter, marginally up from Q2’s 2.3% rise. The result revealed resilient growth in the face of September’s devastating earthquake, which claimed the lives of nearly 3,000 people and caused widespread damage. The mild growth acceleration was largely driven by the agricultural sector.

In fact, the Moroccan Vehicle Market in September 2023 falls for the 2nd month in a row, reporting 10,924 new registrations (-12.4%). YTD figures at 113,197 are up 0.3% from the previous year.

Looking at cumulative data up to September 2023 brand-wise, Dacia is still the leader with 24,944 sales (-14.0%), followed by Renault at 16,922 (+8.6%), Hyundai at 11,902 (+11.3%) and Peugeot at 8,148 (-4.6%).

Volkswagen jumps 3 spots into 5th with 7,326 sales (+68.6%), in front of Opel at 5,100 (-5.0%), Fiat at 4,735 (+14.2%).

Toyota ranks in 8th spot with 4,158 registrations (-28.1%), followed by Citroen at 4,010 (-14.6%) and Kia, closing the Top 10 with 3,769 new registrations (+1.5%).

Looking at specific models the Renault Kangoo Express becomes the new best seller rising 2 spots in the rankings despite losing 5.3% in year-on-year volume, followed by the Dacia Logan down 28.1%.

Medium-Term Market Trend

The Moroccan light vehicle market from 2010 to 2014 fluctuated between 105,079 in 2010 and a peak of 118,438 in 2012. In 2015 started a positive trend that would continue until 2018 where sales ended at 159,317. In 2019 light vehicle sales began to fall down to 154,174.

The negative momentum continued into 2020 with the market falling 19.0% to 124,829, partially due to the arrival of the pandemic.

Luckily the light vehicle boomed in 2021 reaching the current all-time high at 175,435 (+40.5%). The market rebounded in 2022 and registrations are projected to fall 5.0% to 166k by the end of the year. A combination of factors are behind the current industry struggle: the disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips and Governments push towards Evs, an expensive alternative for low income consumers.

Tables with sales figures

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

Market Trend and Outlook

Final data from the Moroccan Vehicles Market shows a 10.3% decline in sales in 2022 compared to the prior year. New registrations amount to 150,475. December confirms the downtrend set in the first half of the year, dropping for the second month in a row, with 13,979 new registrations (-20.5%).

Looking at cumulative data from 2022 brand-wise, Dacia is still the leader with 38,885 sales (-11.7%), followed by Renault at 21,545 (+5.7%), Hyundai at 13,197 (+9.3%) and Peugeot at 11,543 (-6.2%).

Toyota jumps 2 spots into 5th with 7,556 sales (+8.6%), in front of Opel at 6,854 (-1.5%), Citroen at 6,219 (+15.4%).

Fiat secures 8th spot with 5,932 registrations (+21.3%), followed by Volkswagen at 5,830 (-15.8%) and Kia, closing the Top 10 with 4,908 new registrations in 2022 (-18.3%).

Medium-Term Market Trend

The Moroccan light vehicle market from 2010 to 2014 fluctuated between 105,079 in 2010 and a peak of 118,438 in 2012. In 2015 started a positive trend that would continue until 2018 where sales ended at 159,317. In 2019 light vehicle sales began to fall down to 154,174.

The negative momentum continued into 2020 with the market falling 19.0% to 124,829, partially due to the arrival of the pandemic.

Luckily the light vehicle boomed in 2021 reaching the current all-time high at 175,435 (+40.5%). The market rebounded in 2022 and registrations are projected to fall 5.0% to 166k by the end of the year. A combination of factors are behind the current industry struggle: the disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips and Governments push towards Evs, an expensive alternative for low income consumers.

Tables with sales figures

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

Market Trend

The Moroccan car market this year recovered effectively from the pandemic crash of 2020, growing quickly in the first half of the year.

Renault, the first investor acting in the country, is improving local plant capacity and actually export in near 70 markets, while PSA is opening the first plant in the country.

Following four years of growth, the domestic light vehicles market established in 2018 the third all-time record in a string with 173,980 units. However, in 2019 the trend changed and due to lower demand and slow economic growth, ending the year at 160,200 units, down 7.9% from the previous year. 

Due to the COVID-19 pandemic sales fell in  2020. In fact, sales have been 129,414, reporting a decline of 11.6% compared to 2019.

In 2021 the year started positively for the Moroccan market, in fact, in Q1 44,217 units have been sold, reporting a 39.2% increase in sales compared to Q1 2020, and in Q2 sales started growing quickly, reporting a 231% increase in sales with 47,706 units sold due to the incredibly low sales volume registered in Q2 2020.

In Q3 sales remained almost flat (+0.3%) with 37,782 units sold, while in Q4 sales dropped 20.3% with 38,521 units sold.

Indeed, Full-Year sales for 2021 have been 168,226, reporting a 27.3% increase compared to 2020.

Brand-wise, this year the leader Dacia (+20.5%) lost 1.8% market share, followed by Renault (+44%), which gained 1.3% share. Peugeot (+59.9%) ended up third -up 1 spot- and gained 1.4% market share.

The most sold model in the country is the Dacia Sandero with 10,158 sales (+13.9%).

Tables with sales figures

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

Economic Environment

The economy shrank 9.0% on an annual basis in Q3, according to preliminary government figures, softening somewhat from the near 15.0% contraction recorded in Q2. An uptick in agricultural production is set to have driven the moderation, although continued contractions in the industrial and textile sectors will have weighed on overall output. This comes amid tumbling consumer sentiment, with the household confidence index dropping to a series-low reading in Q3.

Furthermore, a rapid increase in daily Covid-19 cases through October forced the government to extend the state of emergency to 10 November, boding ill for activity in Q4. Meanwhile, Fitch Ratings downgraded the country’s credit rating to BB+ from BBB-, effectively cutting it to junk status, due to the harsh impact of the pandemic on the country’s finances and debt levels.

Market Trend

The Moroccan car market has been hit in 2020 by the world-wide COVID-19 pandemic and by the consequent drop in tourism, which has impacted sales significantly.

Renault, the first investor acting in the country, is improving local plant capacity and actually export in near 70 markets, while PSA is opening the first plant in the country.

Following four years of growth, the domestic light vehicles market established in 2018 the third all-time record in a string with 173.980 units. However, in 2019 the trend changed and due to lower demand and slow economic growth, ending the year at 160.200 units, down 7.9% from the previous year. 

After starting the year with a positive trend, the market quickly collapsed in March as the virus struck. The sharpest drop in sales this year was in April when sales declined by 90.2%. The market quickly recovered, in fact, it was flat in July (-0.7%), and reported double-digit growth for the rest of the year except for December (-20.6%).

Indeed, Full-Year sales for 2020 have been 129.414, reporting a decline of 11.6% compared to 2019.

Brand-wise, this year the leader Dacia (-17.4%) gained 0.7% market share, followed by Renault (-34.2%), which lost 2.5% share. Hyundai (-15%) ended up third -up 1 spot- and gained 0.3% market share.

The most sold model in the country remains the Dacia Dokker with 8.722 sales (-28%), holding 6.7% share.

Economic Environment

Moroccan economy softened slightly in the third quarter due to a sharp contraction in agricultural output, as rainfall deficits in early 2019 hurt cereal output. Moreover, the non-agricultural sector decelerated slightly on weaker momentum in retail and manufacturing.

Turning to the fourth quarter, economic growth should have picked up slightly due to stronger contributions from the mining and construction sectors, while upbeat tourist arrivals likely further supported domestic activity. However, the agricultural sector will likely have continued to drag on momentum.

Market Trend

Morocco Vehicles Market in recent years is one of the best in the entire African continent. Based on economic and political stability, the industry is skyrocketing thanks to the Automotive National Plan introduced few years ago, with a clear and substantial incentive in support to attract international investors to develop and produce vehicles locally. Renault, the first investor acting in the country, is improving local plant capacity and actually export in near 70 markets, while PSA is opening the first plant in the country.

Following four years of growth, the domestic light vehicles market established in 2018 the third all-time record in a string with 173.980 unis.

In 2019 the trend changed and due to lower demand and slow economic growth. Indeed, Full-year sales have been 142.974, down 8.9% from the previous year. 

The competitive landscape was dominated by the Renault Group controlling near half of the market. Dacia is the top brand with a share of  30.9%, signing the all-time record with an impressive growth from the 11.9% done in 2010.

In second place Renault with 14% of share, down 7 points of share from 2010, and in third Peugeot, marginally recovering with 7%, after the low 2018 score (6.6%).

Tables with sales figures

In the tables below we report sales for Top Brands

Economic Environment

Moroccan economy gathered steam in the third quarter, buttressed by a pick-up in fixed investment–likely helped by recent reforms to attract FDI–and higher inventories, coupled with a modest acceleration of both public and private consumption expenditures. However, the external sector dragged on growth due to a marked slowdown of exports. In addition, available data suggests the economy slowed in the fourth quarter, weighed on by weaker activity in the industrial sector–and notably by a fall in mining and quarrying output amid a lull in phosphate demand.

Economic momentum should accelerate slightly this year and next. Robust tourist inflows, recent business-friendly reforms and resilient activity in key industrial sectors such as automotive and mining will support growth, although high youth unemployment will continue to be a key weakness.

Market Trend

Morocco Vehicles Market in recent years is one of the best in the entire African continent. Based on economic and political stability, the industry is skyrocketing thanks to the Automotive National Plan introduced few years ago, with a clear and substantial incentive in support to attract international investors to develop and produce vehicles locally. Renault, the first investor acting in the country, is improving local plant capacity and actually export in near 70 markets, while PSA is opening the first plant in the country.

The domestic market is growing year after year, hitting in the 2018 the fourth all time record in a sting. Indeed, thanks to the robust demand on the LCVs segment, the year ended with registrations at 174.645, up 3.6%.

The competitive landscape in the 2018 has been dominated by the Renault-Nissan Group which had the control near the half of domestic sales, with Dacia market leader with 48.994 sales (+4.1%) ahead of Renault with 23.062 (-2.9%).

Tables with sales figures

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