Turkmenistan 2015. Market up 18%

Yemen Vehicles Market in 2015

Turkmenistan cars market is one of the smallest in the World despite the middle Asian country has a population near 6 million people with GDP in rapid increase. In the 2015 the market grew 18% with Hyundai as leader.

Country Outlook

Turkmenistan’s gas-rich economy shifted into a lower gear last year as it was constrained primarily by dropping exports and weaker public investment. Low prices for natural gas—the country’s top export—along with spillovers from Russia’s recession led GDP growth to slow from the double-digit rates that had been recorded in recent years to 6.7% in 2015.

Dwindling exports also took their toll on state revenues and foreign currency reserves, putting the manat under increasing pressure. Data from January show that the economy continued to slow slightly, with GDP rising 6.5% annually.

In the political arena, President Gurbanguly Berdimuhamedow presented a new draft constitution in February that increases the presidential term from five to seven years and scraps the post’s upper age limit. The proposal, which is widely expected to be passed by Parliament, would increase the President’s far-reaching grip on power.

Market Outlook

Before to received the first data on this market, we had figures for annual vehicles at 4.000. Now we have discovered that the majority of vehicles sold and within the fleet consist in heavy commercials and bus, with just a niche reserved to light vehicles.

Indeed, as reported by  bestsellingcarblog.com sales of light vehicles in the 2015 had been only 426 (+18%), representing near the 10% of total vehicles sold.

The market leader is Hyundai with 104 sales and near 25% of market share ahead of Nissan with 78 and Toyota with 69 sales. The top model was the Mercedes C Class with 62 registrations.