Slovakia Auto Sales experiences a slowdown in 2024, with YTD figures up to July at 50,027 (+0.2%). Monthly sales reached 6,118 (-17.1%). Market leader Skoda kept its dominance, holding 22.1% of the market (+5%).
Market Trend and Outlook
The Slovak economy is highly dependent on its industrial and automotive sectors, and is set for a moderate recovery in 2024 as external demand recovers.
Slovakia’s GDP is forecast to grow by 2.2% in 2024 and 2.9% in 2025, driven by private and public consumption and domestic demand. In 2023, real GDP grew only by 1.6% due to declines in private and public consumption and exports. Nevertheless, economic activity is expected to accelerate in 2024 with the resumption of consumption growth and a strong rebound in exports, supported by government measures and real wage increases. Investment growth is predicted to be limited in 2024 after a 10.6% jump in 2023 but is expected to increase significantly in 2025 due to EU funds and the RRF.
Despite the moderately economic forecast, the Slovakian auto market in 2024 experienced an economic contraction compared to the prior year. In July, new registrations reached 6,118 units (-17.1%). YTD sales up to 50,027 units (+0.2%%).
Looking at cumulative data up to July 2024 brand-wise, Skoda maintained leadership with 11,080 sales (+5%), followed by Toyota at 5,190 (-12%) and Hyundai at 5,167 registrations (-8%).
Volkswagen gained 1 spot and ranked in 4th with 4,623 sales (+26.7%), in front of Kia -down 1 spot- at 3,301 (-17%), Dacia at 2,494 (-0.9%), and Mercedes -up 3 spots- with 1,735 new registrations (+8.7%).
Suzuki gained 1 spots ranking in 8th position with 1,651 sales (+21.8%), followed by BMW -down 1 spot- at 1,610 (-2.5%) and Peugeot -down 3 spots- in 10th with 1,551 sales (-21.5%).
Looking at specific models the Skoda Octavia so far sold the most cars (+8.6%), followed by the Hyundai i30 up 44.8 % in year-on-year sales.
Medium-Term Market Trend
In recent years the Slovakian car market has had many ups and downs. At the start of the decade demand for car passengers fluctuated between 71k and 75k. Then in 2014 started a 6 year uptrend that would lead total car sales up to the current all-time high in 2019 at 109,978.
In 2020 the pandemic caused many markets Europe to collapse and the Slovakian one was no different, falling 25.4% back down to 82,014 sales.
The following year demand bounced back, inverting the trend and bringing sales to 84,084 (+2.5%). Despite 2022 rising another 4.2%, these past two years haven’t been enough to offset the major fall in 2020. A combination of factors are behind the current industry struggle: the disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips and Governments push towards Evs, an expensive alternative for low income consumers.
In 2023 the auto market exponentially growed in comparison to last year, with 88,003 total sales (+11.6%).
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and 10 Models.
