Turkmenistan vehicles market in 2024 grew in double-digits. Full-year sales rose by 11.1%, led by Toyota which kept its dominance with 4 best selling models.
Economic Environment
Turkmenistan’s economy grew by 6.3% in 2024, driven by government-led investments in infrastructure, construction, and energy, while inflation remained stable at the same rate. Authorities have introduced policies to improve energy efficiency, encourage renewable energy adoption, and streamline trade procedures, including a digital single-window system for import-export operations.
Efforts to diversify gas exports continue, with new agreements potentially opening access to European and South Asian markets, although reliance on China remains a vulnerability. The fiscal position remains strong, with government revenues exceeding targets and foreign reserves reaching 55 months of external payments, leading Fitch Ratings to upgrade Turkmenistan’s credit rating. Significant transport and connectivity improvements have been made, including major road and transit projects aimed at strengthening the country’s role as a regional trade hub.
Automotive Industry Trend and Outlook
The Turkmenistan Vehicle Market grew in double-digits in 2024, up 11.1% after reporting an impressive surge over the 2014-2024 decade of 1127.8%.
Brand-wise, this year the leader Toyota rose 13.1% and secured a 35% share, followed by Hyundai which gained 15% with a 14.3% share, and by Mercedes, dropping 10.2% with 10.6% share.
The most sold model in the country was again the Toyota Corolla, falling 18.2% with a 10.8% market share.
