Yemeni vehicle market in 2024 slightly decreasing. March sales up to 944 units (-1.2%). Q1 registrations accumulated 2,622 (-7.5%).
Market Trend and Outlook
Yemen’s light vehicle market in March was slightly down by 1.2%, totaling 944 sales. Sales up to Q1 at 2,622 units (-7.5%).
Looking at cumulative data up to March brand-wise, the leader Toyota reports a 2.4% growth in sales while holding 75.3% market share, followed by MG with a 22.6% market share. Lexus gains 1 spot into 3rd with 20.7% 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.
Yemen’s light vehicle market in 2023 grew hugely by 45.9%, totaling 12,085 sales.
