Greek Cars Market in August 2024 continued negative trend, reporting 8,107 new sales (-21.6%). YTD figures at 97,608 were up 5.2% from prior year. Suzuki (+85.5%) and Toyota (+42.5%) led the Top 10.
Market Trend and Outlook
Following a reduced, but still solid economic performance in 2023, GDP growth is expected to pick up to 2.2% in 2024 and 2.3% in 2025, supported by export, investments, and private consumption. The projected gradual easing of financing conditions and the accelerated implementation of RRP-related projects are forecast to stimulate gross fixed capital formation, which is expected to pick up from 4.0% in 2023 to 6.7% in 2024.
The gradual rebound in external demand is also expected to support export growth, compounded by higher export market shares following competitiveness gains. However, the accelerating growth in investment, which has a significant import content, is set to induce higher import demand. Thus, net exports are likely to be growth-neutral and the current account deficit is projected to narrow only moderately over the forecast horizon.
In 2025, investment is expected to gain further momentum, and become a key contributor to output growth, while household spending is likely to be further supported by a rise in real income.
Despite the economic momentum, the Greek Auto Market continued falling in August 2024, reporting 8,107 new sales (-21.6%). YTD figures at 97,608 were up 5.2% from the prior year.
Looking at cumulative data up to August 2024 brand-wise, Toyota was the market leader with 17,166 sales (+42.5%), in front of Suzuki -up 6 spots- at 8,097 (+85.5%), followed by Peugeot at 7,870 sales (+2.1%), Hyundai at 6,789 (+1.1%) and Citroen -down 1 spot- at 6,412 units sold (+2.6%).
Opel fell 4 spots into 6th position with 5,025 sales (-40.4%), in front of Fiat -up 2 spots- with 4,432 sales (+3.1%), Volkswagen -down 2 spots- with 4,059 sales (-35%) and BMW -up 1 spot- with 4,020 units sold (+18.7%).
Kia fell 3 spots into 10th, closing the top 10 with 3,492 new car registrations (-21.8%).
Looking at specific models the Toyota Yaris was still the best seller with a 50.2% increase in year-on-year sales, followed by the Citroen C3 up 32.6% and 1 spot from the previous year.
Medium-Term Market Trend
Up to 2012 the Greek car market felt the consequences of the financial crises (2008-2010), falling -28.5% in 2011 and -19.7% in 2012 . In 2013 the market began to grow again and this uptrend continued for 7 years, reaching the all-time high at 115,830 in 2019.
The arrival of the pandemic made the Greek car market collapse 30.1% back down to 80,973 total sales.
Luckily in 2021 the market grew 24.6% back above the 100k mark and in 2022 rose another 4.4% to 105,278.
The Automotive industry in 2023 will have to confront a few factors that put negative pressure on sales: the disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips and Governments push towards Evs, an expensive alternative for low income consumers. Despite these factors, yearly figures totalled 134,490 sales (+27.7%).
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.
