Emirates Vehicle Market in 2024 surged 19.1% in 2024, marking its fifth straight year of growth. Toyota and Nissan held firm, but the rest of the Top 10 saw fiercer competition for share, with Ford and Jetour shaking up the ranks.
Economic Environment
UAE’s GDP is expected to grow by 3.7% in 2024, driven by strong non-hydrocarbon activity and ongoing reforms, with medium-term growth expected to reach 4.5%. Fiscal and external surpluses remain high, supported by stable oil prices and tax reforms. Capital inflows continue to strengthen central bank reserves and fuel real estate growth, particularly in Dubai. The banking sector is resilient, though risks remain in real estate and construction, requiring close financial monitoring.
Monetary policy adjustments aim to manage surplus liquidity and support financial stability, while fiscal prudence and tax reforms will sustain long-term sustainability. The UAE’s digital finance push, including instant payments and CBDC development, is progressing cautiously. Structural reforms focus on trade, AI, climate resilience, and governance to boost private sector growth and FDI.
Automotive Industry Trend and Outlook
The UAE’s EV market is booming, surging 262.4% in 2024 as the country continues its commitment to reach zero by 2025. The sector grew to reach 6% of total sales, solidifying its regional influence.
Tesla dominated with 43% market share, skyrocketing 19 spots ahead of Toyota, while BYD and MG also posted strong gains further down the rankings.
Overall, the UAE vehicle market saw double-digits growth in 2024, up 19.1% and marking the fifth straight year of growth.
Looking at full-year data for 2024 brand-wise, the leader was still Toyota despite falling 1.7% compared to the prior year. Nissan in 2nd grew 23%, followed in 3rd by Mitsubishi, up 45.2%. MG climbed 2 spots to rank 4th, up 28.9%, followed by Hyundai in 5th, up 4.5%.
The standout performers were Jetour in 10th, up 881.9% and Tesla in 11th, climbing several spots but failing to enter into the Top 10.
Looking at specific models the Nissan Patrol became the best seller, growing 22.4% in year-on-year volume, followed by the Nissan Sunny, up 9.6%.
Medium-Term Market Trend
UAE vehicles market flourished in the period 2010-2015, more than doubling volumes from 213.072 in 2010 to 408.154 in 2015, the current all-time record.
However, the growth was broken by the reduced purchase power that arrived in the second part of 2015 due to the sharp decline of oil revenue and the introduction of restrictive fiscal policies.
The market started to fall down in 2016 and in 2018, when the government introduced a 5% VAT duty, the annual volume was back down at 247,652 units.
In 2019, like in other markets in the region, the UAE market started recovering. Indeed, the Full-year ended at 263,001 sales, improving 6.2% from the previous year.
Due to the COVID-19 pandemic sales fell in 2020 at the lowest since 2008. A 26% recovery in 2021 was just a light in a trend not yet positive, with next year’s expected not to be easy for the industry, due to the expected global recession that would reduce the oil price in the international market reducing UAE revenues.
Tables with sales figures
In the tables below we report sales for top 10 models
