Togo 2022. Vehicle Market Remains Flat (+0.4%) While Renault Loses 11.6%

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The 2022 Hyudai Bayon
The 2022 Hyudai Bayon

Togo’s auto market in 2022 totaled 460 new sales, 0.4% increase from the previous year. Sales remained relatively flat during the year, gaining a maximum of 8.8% in May and losing at most 5.1% in September.

Market Trend

Togo’s vehicle market in 2022 totaled 460 new registrations, a 0.4% increase from 2021. Sales remained relatively flat during the year, gaining a maximum of 8.8% in May and losing at most 5.1% in September.

Looking at cumulative data from 2022 brand-wise, this year the leader Toyota reported a 1.0% loss in sales, followed by Hyundai which gained 5.1% in yearly volume. Renault maintained 3rd spot despite losing 11.6% from 2021.

Medium-Term Market Trend

In this environment, the local automotive industry still has a marginal rule with most of the market fueled by the import of used vehicles. The new vehicle market is very small, with the all-time record hit in 2015 when sales reached 708 units. In 2018, registrations marginally improved from the previous year, ending at 558 (+3%).

However, in 2019 the market was hit by a large drop (-20.4%) with full-year sales at 445.

Due to the COVID-19 Pandemic full-Year sales for 2020 have been 360, reporting a decline of 19.1% compared to 2019.

In 2021 the year started quite negatively for the Togo market, in fact, in Q1 111 units have been sold, reporting a 13.3% decrease in sales compared to Q1 2020, while in Q2 111 units sold were sold as well.

In Q3 sales dropped again 8.9% with 113 units sold, followed by a 13.9% increase in sales with 123 units sold.

Indeed, full-Year sales for 2021 have been 458, reporting a 27.2% increase compared to 2020.