Slovakia Auto Sales is experiencing a slowdown in 2024. YTD figures up to September amounted to 64,690 (-1.4%). Monthly sales reached 6,210′ (-6.2%). Toyota dropped 2 spots out of the podium and was overtaken by Hyundai in 3rd and Kia in 2nd.
Market Trend and Outlook
The Slovak economy is highly dependent on its industrial and automotive sectors, and is set for a moderate recovery in 2024 as external demand recovers.
Slovakia’s GDP is forecast to grow by 2.2% in 2024 and 2.9% in 2025, driven by private and public consumption and domestic demand. In 2023, real GDP grew only by 1.6% due to declines in private and public consumption and exports. Nevertheless, economic activity is expected to accelerate in 2024 with the resumption of consumption growth and a strong rebound in exports, supported by government measures and real wage increases. Investment growth is predicted to be limited in 2024 after a 10.6% jump in 2023 but is expected to increase significantly in 2025 due to EU funds and the RRF.
Despite the moderately economic forecast, the Slovakian auto market in 2024 experienced an economic contraction compared to the prior year. In September, new registrations reached 6,210 units (-6.2%). YTD sales up to 64,690 units (-1.4%).
Looking at cumulative data up to September 2024 brand-wise, Skoda maintained leadership with 13,810 sales (+3%), followed by Kia -up 1 spot- at 6,392 (-11.8%) and Hyundai -up 1 spot- at 6,349 registrations (-8.5%).
Toyota dropped 1 spot and ranked in 4th with 6,318 sales (-16.4%), in front of Volkswagen at 5,678 (+24.3%), Dacia at 3,040 (-0.9%), and Peugeot with 2,207 new registrations (-16.1%).
Mercedes gained 1 spots ranking in 8th position with 2,126 sales (+5.8%), followed by BMW -down 1 spot- at 1,973 (-3.6%) and Suzuki in 10th with 1,808 sales (+5.6%).
Looking at specific models the Skoda Octavia so far sold the most cars (-2.5%), followed by the Skoda Fabia up 35.4% in year-on-year sales.
Medium-Term Market Trend
In recent years the Slovakian car market has had many ups and downs. At the start of the decade demand for car passengers fluctuated between 71k and 75k. Then in 2014 started a 6 year uptrend that would lead total car sales up to the current all-time high in 2019 at 109,978.
In 2020 the pandemic caused many markets Europe to collapse and the Slovakian one was no different, falling 25.4% back down to 82,014 sales.
The following year demand bounced back, inverting the trend and bringing sales to 84,084 (+2.5%). Despite 2022 rising another 4.2%, these past two years haven’t been enough to offset the major fall in 2020. A combination of factors are behind the current industry struggle: the disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips and Governments push towards Evs, an expensive alternative for low income consumers.
In 2023 the auto market exponentially growed in comparison to last year, with 88,003 total sales (+11.6%).
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and 10 Models.
