Belarus Vehicle Market in 2024 gained 82.6% in its third year of strong growth. Geely secured leadership but Vohan in 4th stood out with triple-digit gains, moving closer to the podium.
Economic Environment
Belarus’ GDP is projected to grow 4.3% in 2024 but slow to 1.5–2.5% in 2025, as a result of weakening demand from Russia, labor shortages, and high production capacity utilization. Inflation, currently at 5.5–6.0% for 2024, is expected to rise to 6–8% in 2025, as price controls limit cost pass-through but may not be sustainable.
Despite continued high consumer demand, economic momentum is slowing, and the economy remains overheated, though gradual cooling is expected. Fiscal policy will stay supportive in 2025, with increased government investments, while monetary policy remains neutral due to institutional constraints on the National Bank. Structural vulnerabilities, including economic imbalances and external risks, leave Belarus exposed to potential shocks.
Automotive Industry Trend And Outlook
Belarus’ EV market skyrocketed 713.4% in 2024, reaching 7.2% of total vehicle sales and singaling the country’s determination to scale up electric transport.
Vohan dominated the segment, holding the majority share, while Dongfeng and Skywell also posted strong gains.
The overall vehicle market surged 82.6%, maintaining strong momentum throughout the year and accelerating in Q4, with December alone up 133.2%.
Looking at full-year data for 2024 brand-wise, Geely led with an 83.4% sales increase and a 56.4% market share, followed by UAZ (+136.5%) and Lada, which jumped four spots (+33.8%). Vohan was the breakout performer, soaring 744.5% to 4th place, while Gaz slipped to 5th despite a modest 5.2% gain.
The Geely Coolray remained the best-selling car, up 79.6%, followed by the Geely Atlas Pro, which surged 137.2%.
