Iceland’s Car Market is facing significant challenges in 2024. November sales fell to just 578 units (-57.5%) while YTD figures stood at 10,165 (-39.3%). Tesla dropped 84.1% out of podium and into 7th, posting the weakest performance among the Top 10.
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 November 2024, with sales dropping to 578 units (-57.5%) amid weak economic conditions. YTD figures reached 10,165 units in YTD figures (-39.3%).
Brand-wise, Toyota -up 1 spot- led up to November, with 1,376 sales (-49.1%) and securing a 13.5% market share. Kia -up 1 spot- followed in second place, with 1,230 registrations (-27.6%) and a 12.1% market share. Hyundai -up 1 spot- totaled 1,184 sales, holding a 11.6% share (+16.4%).
Dacia -up 1 spot- saw a 23.2% decline and reached 720 sales year-on-year. Suzuki –up 4 spots- had 480 registrations, decreasing by 5.5%. Skoda -up 6 spots- with 477 sales, experienced a 6.5% increase. Tesla -down 6 spots- recorded 476 sales with an 84.1% decrease.
Closing the leaderboard, Renault -down 1 spot- registered 413 units (-30.8%), Mercedes -down 1 spot- accumulated 401 sales (-31.5%) and Land Rover -up 4 spots- reached 353 sales (+2%).
The most sold vehicle this year was still the Dacia Duster -up 1 spot- (-20.8%), followed by the Kia Sportage –up 3 spots- down 20.7%. The Tesla Model Y (-86.5%) dropped 2 spots into 3rd.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.
