Myanmar Vehicles Market in 2024 posted steady recovery, growing 12.3% though still below pre-COVID levels. EVs saw a sharp rise, surging 162.9% as MG and BYD dominated.
Market Trend and Outlook
Myanmar’s economy remains in crisis, with GDP now expected to contract by 1% in the fiscal year ending March 2025, a downgrade from previous forecasts of modest growth. This follows an already weak expansion of just 1% over the year to March 2024. Since October, escalating conflict has displaced an estimated half a million people, disrupted key trade routes, and raised logistics costs, further straining an economy that remains around 10% smaller than in 2019 making Myanmar the only East Asian economy yet to recover to pre-pandemic levels.
Consumer prices surged by nearly 29% in the 12 months ending in June 2024, and further depreciation of the kyat, combined with worsening conflict, has driven prices even higher, intensifying food insecurity. At the same time, natural disasters, including Typhoon Yagi and severe monsoon flooding, have affected 2.4 million people, damaged infrastructure, and disrupted production, with over half of agricultural firms reporting significant losses.
Myanmar’s EV Sector is rapidly expanding, up 162.9% in 2024. With an impressive share of 88.4%, the EV boom was driven both by a strengthening of Chinese’s brands on the country, mainly BYD and MG, as well as parallel imports by unauthorized dealers.
Overall, Myanmar’s vehicle market grew 12.3% in 2024 despite bleak economic outlook. Reaching 4,194 units, sales showed signs of recovery after the steep decline that followed the Covid pandemic.
Looking at cumulative data up to December 2024 brand-wise, BYD -up 1 spot- was the new market leader, with a 32.6% share (+80.1%). MG -up 2 spots- followed in 2nd growing 212.1%, while Leap Motor -up 6 spots- ranked 3rd (+652.4%).
Neta -up 2 spots- ranked 5th, up 107.7% while Suzuki -down 4 spots- lost its spot as the leader, down 85.5%.
Looking at specific models, the MG ZS EV -up 2 spots- ranked 1st, up 144.7%, followed by the BYD Atto 3 -up 4 spots- growing 364.6% and the BYD Dolphin -down 1 spot- which lost 7.5%.
