Iceland’s Car Market faced significant challenges in 2024. Sales in August fell to just 508 units (-57.6%) while YTD figures stood at 8,113 (-37.8%). Hyundai was the only brand to grow substantially, climbing 4 spots into 2nd (+32.9%). Tesla dropped 7 spots into 9th (-84.2%)
Market Trend and Outlook
In 2024, Iceland’s economic growth is projected to slow to 1.9% mainly due to weak exports, though it is expected to rebound to 2.8% in 2025. Business investment remains weak as financial conditions continue to tighten and foreign tourism is declining due to capacity constraints. Private consumption is still negatively affected by high inflation and subdued real wages, which are expected to pick up in 2025 as disposable income strengthens.
Iceland’s car market struggled in August 2024, with sales dropping to 508 units (-57.6%) amid weak economic conditions. YTD figures reached 8,113 units in YTD figures (-37.8%).
Brand-wise, Toyota led up to August with 1,086 sales (-54.3%) and securing a 13.4% market share. Hyundai -up 4 spots- followed in second place, with 1,015 registrations (+32.9%) and a 12.5% market share. Kia totaled 904 sales, holding an 11.1% share (-27.2%).
Dacia saw a 23.3% decline and reached 705 sales year-on-year. Suzuki – up 3 spots- had 467 registrations, decreasing by 4.3%. Skoda – up 6 spots – with 404 sales, experienced a 15.4% decrease. Mercedes -up 2 spots- recorded 328 sales with an 26.6% decrease. Closing the leaderboard, Renault, -down 1 spot- registered 326 units (-36.6%), Tesla -down 7 spots- accumulated 296 sales (-84.2%) and Land Rover -up 3 spots- reached 292 sales (-2%).
The most sold vehicle this year was still the Dacia Duster -up 1 spot- (-21.1%), followed by the Kia Sportage up 2 spots (-22.4%). The Toyota RAV4 (-45.4%) closed the podium.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.
