Jamaica Light Vehicle Market reported a shy 2014 with sales fell from the previous year standing an almost low-level. The market is penalized by heavy duties on high power engines. Toyota was market leader with share close to 20 percent.
The island – discovered by Christopher Columbus in 1494 – was settled by the Spanish early in the 16th century. In 1958 it joined other British Caribbean colonies in forming the Federation of the West Indies. Jamaica gained full independence when it withdrew from the Federation in 1962.
The Jamaican economy grew an anemic 0.3% last year as production in the agriculture sector was severely affected by drought conditions. Earlier this month, the International Monetary Fund completed the eighth review of Jamaica’s economy under the Extended Fund Facility program.
According to the IMF, the country satisfied all quantitative performance criteria in Q1 2015 with the exception of the primary balance and indicative revenue targets.
Nevertheless, the IMF pointed out that the government’s commitment to fulfilling the objectives remains strong and that it expects the economy to rebound during the 2015-2016 period.
The IMF’s Executive Board is scheduled to consider the program in June 2015 and their approval will release USD 40 million to the economy.
Light Vehicle Market Outlook
In the 2014, according to data released by the Jamaican Automobile Dealers Association (ADA), total new light vehicles sold in the country had been 5.688, down 2.4% from the previous year.
2014 data confirmed a stable trend for the market that in oscillating between 5.000 and 6.000 sales per year without a real fuel for growth and strong competition from imported pre owned vehicles.
The market is dominated by Japanese products while premium brands have a low market share due to the severe duties imposed over high power vehicles.
Toyota in 2014 was market leader selling 1.104 vehicles (-2.1% from the previous year) with market share at 19.4%. In second Hyundai with 708 and in third Chevrolet with 660. Immediately behind, Nissan, Honda, Kia and Ford.
Tables with sales figures
In the tables below we report sales for Top Brands