Myanmar Vehicles Industry in July 2023 grows 36.9%, with new sales at 1,192. YTD figures at 7,064 are up 6.3% from the previous year.
Market Trend and Outlook
Myanmar’s vehicle market in July 2023 grows 36.9%, with new sales at 1,192. YTD figures at 7,064 are up 6.3% from the previous year.
Looking at cumulative data up to July 2023 brand-wise, this year the leader is still Suzuki with 22.0% market share and a 3.2% year-on-year loss in sales. Toyota follows in second, jumping 3 spots with a 154.5% boom from the prior year, in front of BAIC -down 1 spot- with an 40.7% loss in volume.
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%).