Yemeni vehicle market in September 2023 grows for the 11th consecutive month, with new sales at 1,195 (+70.7%). YTD figures at 9,488 are up 70.7% from the previous year. Toyota holds 66.2% of the country’s market share.
Market Trend and Outlook
Yemen’s light vehicle market in September 2023 grows for the 11th consecutive month, with new sales at 1,195 (+70.7%). YTD figures at 9,488 are up 70.7% from the previous year.
Looking at cumulative data up to September 2023 brand-wise, the leader Toyota reports a 20.4% growth in sales while holding 66.2% market share, followed by MG –up 7 spots- with 29.4% market share. Hyundai rises into 5th spot with an 156.3% boom in registrations.
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.