Myanmar 2022. Vehicles Market Recovers 60.2% From Previous Year Collapse

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The 2022 Suzuki -Cross
The 2022 Suzuki -Cross

Myanmar Vehicles Industry in 2022 totaled 13,262 sales, a 60.2% increase from the previous year. In fact,  December reported the 11th consecutive positive month, with 1,527 new registrations (+166.5%).

Market Trend and Outlook

Myanmar’s vehicle market in 2022 totaled 13,262 sales, a 60.2% increase from the previous year.In fact,  December reported the 11th consecutive positive month, with 1,527 new registrations (+166.5%).

Looking at cumulative data from 2022 brand-wise, this year the leader is still Suzuki with 23.1% market share and a 63.1% year-on-year growth in sales. BAIC follows in second, jumping 6 spots with a 276.6% boom in yearly volume, in front of Toyota -down 1 spot- with an 11.8% increase in new registrations.

Medium-Term Market Trend

Myanmar’s vehicle market has reported an overall growth in the last decade, surging from 2,800 sales in 2010 to 4,718 by the end of 2016. In this period the most significant fluctuations in yearly volume happened in 2015 when the market boomed 50.5% and in 2016 when in fell 13.7%. Both in 2017 and 2018 the market grew more than 100% with new registrations reaching, in 2019, the current all-time high of 21,916 light vehicles.

The covid-19 pandemic arrived in 2020 and caused the market to subsequently fall 19.2% back down to 17,711 sales.

The worst year for Myanmar’s vehicle market was 2021, the same year in which the coup d’état occurred. In fact, yearly volume collapsed 52.3% to 8,442. In 2022 sales surged back up above the 10k mark to 13,409 (+58.8%).