Syria’s vehicle market in H1 2023 reports 320 sales, growing 21.7% from the previous year. Hyundai collapses 40.7% while maintaining first position.
Market Trend and Outlook
The Syrian vehicle market in H1 2023 reports 320 sales, growing 21.7% following 4 consecutive losing years.
The only brands to be sold in the country at the moment are Hyundai with 48.8% market share despite losing 40.7% in sales from 2021 and Kia with 41.9% market share.
Medium-Term Market Trend
Not long ago Syria was the biggest car market in the Levant region. Only 10 years ago, with a volume of 87,500 annual sales, the Syrian new market represented a relevant reality within the region. Unfortunately, in this decade the country was destroyed by the civil war and terrorism and the entire economic structure collapsed, including the automotive industry.
Between 2010 and 2013 the market has lost more than half its sales a single year, with 2014 volumes at 23,955 units. The fall continued and the negative peak was hit in 2017 when the market lost 90% from 2010 at 7,978 units. In 2018 sales marginally recovered at near 10,000 units, but the data on 2019 was down again. In fact, total sales in 2019 were 8,347, down 15.8%.
Because of the COVID-19 pandemic, social and political instabilities in the country sales significantly decreased in 2020. In fact, sales have been 2,941, reporting a fall of 64.8% compared to 2019.
The downfall continued in 2021 with new light vehicle sales falling another 33.4% to 1,958.