Belarus Vehicle Market in 2023 recoved from dip in prior year, up 61.2%. UAZ rose 4 spots and outpaced Lada, ranking 2nd, while Haval climbed 8 spots into Top 5.
Market Trend and Outlook
In 2023, Belarus’s economy grew by 3.9%, driven by strong exports and investment, while inflation eased to 5.1% and poverty rates remained low. In 2024, GDP is expected to expand by 4% due to rising wages, strong private consumption, and increased trade with Russia, but inflationary pressures and macroeconomic imbalances pose risks.
The economy faces structural challenges, including sanctions, limited access to advanced technology, and reliance on Russia, which increases vulnerability to external shocks. Inflation is projected to rise to 6.5% in 2024, while growth is expected to slow to 1.2% in 2025 due to tightening monetary policies and weaker external demand. Despite government interventions, long-term economic sustainability remains uncertain, with fiscal pressures, labor market constraints, and a deteriorating current account balance.
The Belarusian vehicle market surged 61.2% in 2023, posting solid recovery after previously dipping in 2022. Still, it has yet to surpass the 30,000 units treshold that defined the growth streak of 2017-2021.
Looking at cumulative data up to December 2023 brand-wise, Geely led with an 258% sales increase and a 56.1% market share. UAZ followed in 2nd, rising +175.6% and 2 spots, outpacing Lada in 3rd, which lost one spot (-29%). GAZ gained 92.5% and climbed 2 spots ranking 4th while Haval stood out with impressive 230.1% growth, climbing 8 spots and ranking 5th.
Looking at specific models the best selling car was the Geely Emgrand X7, up 7 spots and 789.4%, while the Geely Coolray followed in 2nd climbing 2 spots, up 491.6%. The 3rd ranked was also a Geely model, the Geely Atlas Pro, up 677.7% and 13 spots.
