Serbia 2024. Market Leader Skoda Extends Its Domain In Market Rise (+14.7%)

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Serbia Vehicle Market unexpectedly grows in the first stages of 2024. Total sales in February reached 2,026 units (+4.0%). Market leader Skoda extends its lead, market share of 23.3%, growing 44.9%.

Market Trend and Outlook

The Serbian vehicle market grew for the 7th consecutive month in February reporting 2,026 new vehicle sales (+4.0%). YTD sales reach 4,019 sales (+14.7%). 

Looking at cumulative data up to February 2024 brand-wise, the leader Skoda reports 936 sales (+44.9%), followed by Toyota -up 1 spot- at 377 (+15.6%). Fiat -down 1 spot- in 3rd position with a 366 new registrations (-29.1%).

Volkswagen gains 2 spots into 4th with 363 sales (+45.2%), followed by Hyundai at 356 sales (+28.5%), Renault -down 3 spots- at 351 (+7.7%), Kia -down 3 spots- at 131 (-11.1%) and Citroen -down 1 spot- in 8th spot with 234 cumulative registrations (+15.3%).

Dacia loses 1 spot and ranks in 9th spot with 175 registrations (+42.3%) and Ford -down 1 spot- closes the top 10 with 101 cumulative sales  (+4.1%).

The Skoda Octavia is the best selling model with a 135.0% increase in volume compared to 2022, followed by the Skoda Kamiq, up 120.8% and 17 spots.

Medium-Term Market Trend

In the last decade the Serbian vehicle market fluctuated between the 20k and the mid to high 30k range. In 2011 started a 4 year long collapse that would bring the market from 38,179 sales in 2010 to 19,698 cumulative sales by the end of 2014. Luckily it bounced back in the following year, rising 10.0% in year-on-year volume. Sales continued to grow and the Serbian vehicle market maintained the momentum through 2019, where total volume reached 34,197 registrations, a new all-time high.

The arrival of the pandemic in 2020 caused the Serbian light vehicle market to collapse, with sales falling 23.3% to 26,241.

The downfall was not due to structural issues in the market, in fact it grew back 16.8% in the following year reaching the 30k mark once again. In 2022 the uptrend came to a stop, with total volume falling 5.6% to 28,845.

In 2023, the Serbian vehicle market recovered with full year figures at 30,683, while being up 6.4% from the previous year.

Tables with sales figures

In the tables below we report sales for all Brands and top 10 Manufacturers Group.

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