Cyprus 2022. Renault Grows 51.2% In Falling Market

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Renault-Austral-2023
Renault-Austral-2023

Cyprus’s auto market in July 2022 continues falling. With 1,096 units sold (-7.3%), Year to Date sales move to 7,187 units (+3.6%). Renault gains 51.2%, entering the leader board with a 2 spot rise.

Market Trend in July

In July 2022 the Cyprus car market continues dropping after a 2.9% decrease in the previous month, and reports 1,096 units sold (-7.3%), leading Year to Date sales at 7,187 units, a 3.6% increase in sales compared to 2021.

Brand-wise, the leader Kia reports an 18.3% increase in sales YTD while holding 16.2% market share, followed by Toyota which gained 25.0%. Renault reports the best performance, growing 51.2% and entering the leader board with a 2 spot rise.

Medium-Term Market Trend

The automotive industry of Cyprus, one of the smaller within the EU, was severely hit by the financial crisis falling down during the period 2010-2013 before recovering and anticipating the economic growth. In the last three years, the domestic car market grew fast with both 2015 and 2016 up 25%. In 2017 sales improved a little with volume at 14,822 (+0.4%), while growing 15.1% in 2018, closing with 14,731 units sold. In 2019, the market embarked on a negative pathway, reporting sales down a disappointing 17% with 12,220 units sold.

Due to the COVID-19 Pandemic, full-Year sales for 2020 have been 10,061, reporting a decline of 17.7% compared to 2019.

In 2021 the year started negatively for the Cyprus market, in fact, in Q1 2,835 units have been sold, reporting a 2.9% decrease in sales compared to Q1 2020, while in Q2 sales started growing quickly, reporting a 50.6% increase in sales with 2,969 units due to the low sales reported in Q2 2020.

In Q3 sales slowed down, gaining 5.6% sales with 2,795 units, and dropped in double-digits in Q4 with 2,031 units sold (-17.2%).

Indeed, Full-Year sales for 2021 have been 10,630, reporting a 6.4% increase compared to 2020.

In Q1 2022 sales rose 7.3% with 3,042 units sold. In Q2 sales also rise, gaining 4.5% with 3,049 units sold.

Tables with sales figures

In the tables below we report sales for all Brands and top 10 Manufacturer Groups.

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