Benin Vehicle Market in 2024 is growing steadily. Full-year sales grew 8.9%, marking the fifth consecutive year of growth. Toyota stayed on top with about 40% of the market, though Nissan in 2nd is rising quickly, possibly threatening its lead in the future.
Economic Environment
Benin’s economy is projected to grow robustly at 6.5% in 2024, driven by new industrial units and accelerated public infrastructure investment. Inflation is expected to remain below 3%, while the budget and current account deficits are projected to narrow due to improved tax administration and higher manufacturing exports.
Public debt rose to 53.8% of GDP in 2023, though debt distress remains moderate, and the country has expanded access to capital markets with support from international guarantees. Despite strong services sector growth, structural transformation is slow, with labor shifting to low value-added services and limited productivity gains. Key risks to the outlook include trade disruptions with Nigeria, climate change, northern security challenges, and regional political uncertainties.
Automotive Industry Trend and Outlook
After experiencing a slowdown due to the pandemic crisis, Benin’s vehicle market posted steady recovery starting from 2020 and reaching decade-high figures in 2024, with a growth of 116.4% over the 5-year period. In 2024, it mantained the trend, gaining 8.9% in year-on-year volume.
Looking at full-year data for the best-selling brands, Toyota stayed firmly on top with about 40% of the whole market and reporting 7.9% growth. Nissan followed in 2nd, climbing one spot while growing 21.7% and quickly gaining ground, while Suzuki in 3rd lost one spot and fell 10.5%. Mitsubishi ranked 4th, up 1.3% while Ford gained 10.8%.
Looking at best-selling models, the Toyota Hilux was still the leader, up 8.3%, while the Toyota Hiace ranked 2nd, growing 7.2%. The Ford Ranger closed the podium, up 10.8%.
