Cambodia 2024. Vehicle Market Slightly Up After Q1

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Cambodia auto market is slightly up in 2024. Total sales in March reached 2,425 (+6.9%). Sales in Q1 up to 8,120 units.

Economic Environment

Fiscal policy is appropriately expansionary this year and the deficit should start to decline in 2024. Despite a small projected increase in public debt to GDP over the medium term, risks of debt distress remain low.

Monetary and financial measures implemented during the pandemic should continue to be fully normalized as the output gap closes, inflation remains moderate and private sector debt levels are high.

Auto Market in 2024

The 3 market leaders are Toyota in first with 2,699 sales, holding 33.2% market share. Far behind are Mitsubishi and Ford both holding a 18.9% market share.

Medium-Term Market Trend

Following a rapid growth, the market had reached the highest sales level in 2019. Pushed by the combined effect of the reduction of grey market and strong consumer demand in that year the industry hit the new all-time record, the 10th in a row, with full-year sales landing at 23,655 unit.

Sales in 2020 have been heavily influenced by the COVID-19 pandemic, impacting all sectors. In fact, 18,718 units have been sold, reporting a decline of 20.9%.

However, the market reacted immediately after the end of the emergency, recovering both in 2021 and in 2022, when was over the 30.000 units for the first time.

In 2023 sales increase at 33.683 (+10.9%) posting the third growth in a row.