Yemen 2023. Vehicle Market Up 45.9% In YTD Sales With Toyota Holding 73.4% Share

The 2023 Volkswagen Golf R 333 Limited Edition
The 2023 Volkswagen Golf R 333 Limited Edition

Yemeni vehicle market in 2023 grew sustained a massive boom. YTD figures at 12,085 are up 45.9% from the previous year. Toyota holds 73.4% of the country’s market share.

Market Trend and Outlook

Yemen’s light vehicle market in 2023 grew hugely by 45.9%, totalling 12,085 sales. December grows for the 14th consecutive month, with new sales at 1,263 (+18.0%). 

Looking at cumulative data up to December 2023 brand-wise, the leader Toyota reports a 24.8% growth in sales while holding 66.0% market share, followed by MG with 22.5% market share. Lexus gains 1 spot into 3rd with 61.3% more sales compared to the prior year.

Medium-Term Market Trend

The market collapsed in the past years. From the 14,696 vehicles sold in 2013, the industry dropped to only 3,025 in 2016, before showing a little recovery in 2017, mainly in the second half, with 3,938 units. In 2018 improved for the second consecutive year, ending with sales up 37.8% at 5,231 units.

In 2019, the market started improving at an outstanding pace. Indeed, the Full-year ended with registrations at 8,483, booming 62.2%.

Due to the COVID-19 pandemic sales fell in  2020. In fact, 5,276 units have been sold, reporting a decline of 37.8% compared to 2019.

The collapse wasn’t due to structural problems in the market, in fact, it boomed 61.2% in 2021, reporting 8,507 new yearly sales. The market stabilized in 2022 with sales dropping merely 2.3% totaling 8,274 light vehicle registrations.