Ethiopia’s Auto market in 2022 maintains the momentum built up in 2021. New sales, in fact, reach 1,503, a 5.6% increase from the prior year.
Market Trend and Outlook
Ethiopia’s car market in 2022 maintains the momentum built up in 2021. New vehicle sales, in fact, reach 1,503, a 5.6% increase from the previous year.
Looking at cumulative data from 2022 brand-wise, the leader is still Toyota with a 2.8% increase in sales and 32.0% market share, followed by Ford up 7.2% from last year. Lifan ranks in 3rd reporting a 7.9% increase in sales and 17.1% market share.
Medium-Term Market Trend
The market in recent years has been revitalized by the presence of several small local assembly plants, built by Chines BYD, FAW, Lifan, Sinotruck, and Geely, plus Toyota and, since 2017, Kia.
Despite the recent years’ positive economic environment, the Ethiopian market has deteriorated, dropping from near 4,000 units in 2015 to 2,034 in 2018.
In 2019, the market (including HCVs) declined again, marking the sixth annual loss in a row. Indeed, Full-year sales have been 1,935, down 4.9% from the previous year.
Due to the COVID-19 Pandemic full-Year sales for 2020 have been 1,351, reporting a decline of 29.7% compared to 2019.
Following the pandemic the market recovered in 2021, rising 5.3% to 1,423 cumulative new sales.