Tunisian Car Market is struggling 2024. Due to the uncertain and slow economic recovery, new vehicles sales Year to Date May sales at 21.728, down 4.8% from the previous year. Hyundai leader ahead of Kia.
Market Trend and Outlook
Tunisia is still slow recovering from the post covid financial crisis. Real GDP is projected to grow only 2.8% in 2024 (from 1.9 in 2023), driven by manufacturing and services. Inflation is projected to fall at 6.8% (from 9.2% in 2023), assuming prudent monetary policy and easing external inflationary pressure.
The fiscal and current account deficits are projected to narrow as a result of the National Reform Program launched in 2022 to strengthen private investment, consolidate public finances, and improve the performance of public enterprises. But this outlook could worsen due to the high risk of debt distress, which could limit access to external financing.
Looking at the vehicles market data is not encouraging with Year to Date May sales at 21.728, down 4.8% from the previous year.
Brand-wise, the market leader is again Hyundai with 2.716 sales (-2.6%), followed by Kia with 2.076 (+1.4%), Peugeot with 1.882 (+8.4%). Suzuki with 1.872 (+6.1%) and Toyota with 1.415 (-24.8%).
Medium-Term Market Trend
The Tunisian vehicle market in recent years has had many ups and downs. Between 2010 and 2013 the market fluctuated in the 30k to 50k range. Following a 13.3% growth in 2013 the market began to grow for 4 consecutive years, reaching the current all-time high in 2017 at 62,400 (+2.2%). The trend reversed in 2018 resulting in 2 years of losses that took sales back down to 49,497 by the end of 2019.
The global Covid-driven crises didn’t affect the Tunisian light vehicle market, that actually grew 2.6% to 50,796 sales.
The momentum gained in 2020 continued through 2021, reaching 61,708 sales (+21.5%). In 2022 sales began to fall again, with projections showing that the year will close around the 55k mark (-9.5%). 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 market was flat. Total sales reached 55,975 units (+0.7%). Market regained the momentum after the previous yearlost. Suzuki moves up into 5th place (+59.8%).
Tables with sales figures
In the tables below we report sales for Top 10 brands.
