Serbia 2024. Skoda Extends Its Domain In A Unexpectedly Rising Market (+19.0%)

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Serbia Vehicle Market unexpectedly grows by double-digits in the first stages of 2024. Total sales in March reached 3,212 units (+18.2%). Market leader Skoda extends its lead, a market share of 25.8%, growing 58.9%.

Market Trend and Outlook

The Serbian vehicle market grew for the 8th consecutive month in March reporting 3,212 new vehicle sales (+18.2%). YTD sales reach 7,399 sales (+19.0%). 

Looking at cumulative data up to February 2024 brand-wise, the leader Skoda reports 1,907 sales (+58.9%), followed by Volkswagen -up 4 spots- at 774 (+60.6%). Hyundai -up 4 spots- in 3rd position with 683 registrations (+50.3%).

Toyota loses 1 spot into 4th with 683 sales (+13.5%), followed by Renault -down 1 spot- at 541 sales (-9.2%), Citroen -down 2 spots- at 510 (+55.5%), Kia -down 2 spots- at 434 (-12.5%) and Fiat -down 6 spots- in 8th spot with 424 cumulative registrations (-48.5%).

Dacia ranks in the 9th spot with 404 registrations (+87.0%) and Opel -up 1 spot- closes the top 10 with 215 cumulative sales  (+43.4%).

The Skoda Octavia is the best-selling model with a 161.0% increase in volume compared to 2022, followed by the Skoda Fabia, up 158.6% and 16 spots.

Medium-Term Market Trend

In the last decade the Serbian vehicle market fluctuated between the 20k and the mid to high 30k range. In 2011 started a 4 year long collapse that would bring the market from 38,179 sales in 2010 to 19,698 cumulative sales by the end of 2014. Luckily it bounced back in the following year, rising 10.0% in year-on-year volume. Sales continued to grow and the Serbian vehicle market maintained the momentum through 2019, where total volume reached 34,197 registrations, a new all-time high.

The arrival of the pandemic in 2020 caused the Serbian light vehicle market to collapse, with sales falling 23.3% to 26,241.

The downfall was not due to structural issues in the market, in fact it grew back 16.8% in the following year reaching the 30k mark once again. In 2022 the uptrend came to a stop, with total volume falling 5.6% to 28,845.

In 2023, the Serbian vehicle market recovered with full year figures at 30,683, while being up 6.4% from the previous year.

Tables with sales figures

In the tables below we report sales for all Brands and top 10 Manufacturers Group.

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