Uzbek Vehicles Market in 2024 kept its momentum, rising 11.9% for the fourth consecutive year. BYD stole the spotlight, dominating EV sales with over half the segment and delivering the strongest growth in the Top 5.
Economic Environment
Uzbekistan’s economy has grown steadily, with an average GDP growth of 5.3% since 2017, making it one of the world’s top reformers among lower-middle-income nations. However, job creation has lagged at just 1.1% annually over the past five years, while the working-age population continues to expand by 250,000 each year. To ensure sustainable, job-rich growth, the country must maintain its reforms by reducing state dominance, liberalizing key sectors, and improving trade and investment conditions.
The National Development Strategy 2030 aims to elevate Uzbekistan to upper-middle-income status by the decade’s end, prioritizing citizen empowerment, economic sustainability, environmental protection, and enhanced public services. Continued reforms and investments in workforce skills will be crucial to meeting these ambitious goals.
Automotive Industry Trend And Outlook
Uzbekistan’s EV market surged 7.1% in 2024, reaching 7% of total vehicle sales as the country pushes to reduce fossil fuel dependence.
BYD dominated the segment, soaring 113.2% to claim a 57.7% share, while BAIC slipped 8.2% to 2nd place and Tesla climbed 46.5% to 3rd.
Overall, Uzbekistan’s vehicle market continued its upward streak, growing 11.9% in 2024 and hitting its highest level of the decade.
Looking at full-year data for 2024 brand-wise, Chevrolet still dominated the market with a 58.5% market share and a 1.2% year-on-year growth in sales. The second biggest brand remained Daewoo, up 39.4% in volume with 21.93% of the country’s total market share. Kia ranked 3rd, growing 27.1%, followed by BYD, up 113.2%, and Chery, down 33.7%.
For what concerns best selling models, the Chevrolet Cobalt grew 24.7% and remained on top, followed in 2nd by the Daewoo Damas, up 58-8%.
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.