Pakistani Vehicles Market in 2024 is gradually rebounding after the severe 2023 contraction, up 5.2%, with 123,982 units sold. Suzuki retained largest share but Haval threatens its dominance in models ranking.
Market Trend and Outlook
Pakistan’s economy is expected to see modest GDP growth in fiscal year 2023/24, constrained by political instability, fiscal pressures, and external debt obligations. The coalition government, formed after a fractured election result, will rely heavily on military backing, giving the military greater influence over economic policy.
Pakistan secured a nine-month IMF loan in mid-2023 to avoid default, and another bailout is anticipated after March 2024 to manage persistent fiscal and balance-of-payments challenges. China will remain a key financial and strategic partner, while tensions with India will continue to weigh on regional stability and trade prospects.
The Pakistani vehicle market in 2024 grew 52%, reaching 123,982 units. Year-on-year growth turned positive again after the severe 2023 dip, down 63.7%.
Looking at cumulative data up to December 2024 brand-wise, the leader was still Suzuki, with 64,259 sales (+64.8%), in front of Toyota with 26,113 sales (+30.6%), Honda with 15,413 new registrations (+44.6%) and Hyundai with 9,672 units sold (+10.4%).
Haval ranked in 5th with 8,239 sales (+232.9%), followed by Dewan -up 2 spots- in 6th with 246 registrations, BAIC in 7th with 40 registrations and Chery -up 2 spots- in 8th.
Looking at specific models the Suzuki Alto was the best seller with a 98.7% year-on-year increase in volume, followed by the Toyota Corolla up 96.9%.
Medium-Term Market Trend
Pakistani automotive industry is closed to import by the huge duties imposed by the government. The industry is so deputy to a small group of foreign (Japanese) companies which have invested years ago to produce locally, which offer dated models at huge (for the local purchase power) price.
Consumers have very limited choice as model, specification, negotiation.
The most of people prefer to purchase a motorcycle instead of car for personal use and the car industry is very small compared to the population living in the country.
Anyhow, the light vehicles market was growing up until the 2019 introduction of additional duties, with the all-time record established in the 2018 at 264K.
In 2019 the market fell down for increased prices correlated with increased taxes and in 2020 collapsed again for the effect of covid restrictions, hitting the lowest level in the last 15 years.
Despite surging 89.4% in 2021, the market took a substantial hit in 2022. In June of 2022 Pakistan started to experienced heavy floods that destroyed the country and induced the automotive industry to collapse. In fact, the last 6 months of the year reported losses, with total sales reaching 231,248 by the end of 2022 (-4.8%).
In 2023 the Pakistani Vehicle Market, in fact, hasn’t yet recovered, with sales continuing to fall for the second consecutive year, with YTD figures at 81,587 units (-63.7%)
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.
