Uzbek Vehicles Market maintains strong momentum during 2024. Sales in June amounted to 28,949 units (+5.5%). H1 figures at 189,982 are up 20.6% compared to the prior year.
Market Trend and Outlook
Economic growth in Uzbekistan is expected to decline slightly in 2024 as higher prices affect households disposable income. According to the Asian Development Bank, GDP growth is anticipated to be 5.5% in 2024, slightly increasing to 5.6% in 2025. This slowdown is attributed to the adverse effects of rising administered prices on household income, which may decrease consumer demand.
Although economic activity is expected to slow down, the Uzbek Vehicle Market is still strong, as sales during H1 grew 20.6% and reached 189,982 in YTD terms. June grew at a lower rate compared to previous months, reaching 28,949 new registrations (+5.5%)
Looking at cumulative data up to June 2024 brand-wise, Chevrolet still dominated the market with a 64.4% market share and a 13.5% year-on-year growth in sales. The second biggest brand remained Daewoo, up 18.8% in volume with 18.0% of the country’s total market share.
Medium-Term Market Trend
While formally independent of Russian political influence, the Uzbekistan leadership has deeply influenced the development of the vehicle market, using it as a cash cow for State finance.
Limiting the market to the only national producer (in partnership with General Motors) creates huge barriers with duties on import, allowing to control the distribution and maximize the financial return, in a market potentially at half a million annual sales, but fluctuating between 100 and 200 thousand sales.
Now, after the market has been opened to import, it is expected to be one of the fastest growing within the next five years.
