Turkmenistan 2019. Top 3 brands hold over 60% share in market up 72.5%

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Turkmenistan Vehicles Market
Toyota-RAV4-2019

Turkmenistan Vehicles Market in 2019 kept growing at high speed. Indeed, Full Year sales are at 5.795, growing an incredible 72.5% compared to 2018. Over 60% of the market is held by the Top 3 brands, with Toyota dominating ahead of Mercedes and Hyundai.

Economic Environment

International reports have exposed the grave crisis gripping the hydrocarbon-dependent economy, contrary to official figures. A slump in gas prices in 2014–2016 and a freeze on gas exports to Russia in 2016–2019, as well as to Iran from 2017, have weighed on the all-important energy sector and undermined overall private-sector activity.

Reports have also revealed persistent food shortages owing to tight import controls, which have kept the manat significantly overvalued. In turn, inflation has spiked and hard currency has become increasingly scarce.

Market Trend

Four years ago the import of black cars in the country and now all black and dark-colored vehicles were banned from the country’s capital Ashgabat, with the culprit cars being seized by police and their owners told they must pay up to the equivalent of one year salary to have them re-painted silver or white.

In 2017 the market reported an impressive performance, growing by 27% with 1.038 units sold, while in 2018, registrations almost tripled, booming at 223% with 3.360 sales.

Full-Year sales for 2019 have been 5.795, reporting a 72.5% increase in sales compared to 2018.

Brand-wise, this year the leader Toyota held 33.2% market share, followed by Mercedes, which holds 14.1% share. Hyundai was in the third position and holds 13.9% market share.

The most sold model in the country is the Toyota Corolla with 573 sales, holding 9.9% market share.