Moroccan Vehicle Market is stagnant in 2024. Sales in September reached 12,047 (+0.2%). YTD figures reached 117,233 (+2.8%).
Market Trend and Outlook
Despite the inflation surge and widespread damage caused by September’s Al-Haouz earthquake , the Moroccan economy was able to bounce back and expand by 3.4% during the rest of 2023. Growth was primarily driven by a rebound in tourism, strong manufacturing exports, and increased private consumption, as well as greater inflows of Foreign Direct Investments (IDA).
The non-agricultural sector is anticipated to accelerate and reach 3.7% in 2024, driven by robust performances in the industrial and service sectors. and recoveries in household consumption and private investment. However, GDP growth in 2024 is projected to slow down moderately and reach 2.9%, mainly due to a contraction in the agricultural sector caused by persistent drought. Economic growth in 2025 is expected to move to an average of 3.6% over the medium term.
The mild economic contraction is reflected in the Moroccan auto market. In September 2024, new vehicle registrations totaled 12,047 (+0.2%). YTD figures reached 117,233, growing 2.8% compared to prior year.
Looking at cumulative data up to September 2024 brand-wise, Dacia was still the leader with 27,045 sales (+8.1%), followed by Renault at 17,834 (+2.6%), Hyundai at 8,714 (-21.2%) and Volkswagen -up 1 spot- at 7,770 (+4.7%).
Peugeot -down 1 spot- secured 5th place with 7,301 sales (-16%), in front of Opel at 5,327 (+0.5%), and Fiat at 5,111 (+8%).
Citroen moved to 8th spot with 4,982 registrations (+15.4%), followed by Kia -up 1 spot- with 4,092 (-4.8%), and Toyota -down 1 spot- closing the Top 10 with 4,059 new registrations (-3%).
Looking at specific models the Dacia Logan was the new best seller in the rankings while gaining 29.5% in year-on-year volume, followed by the Renault Kangoo Express up 11.1%.
Medium-Term Market Trend
The Moroccan light vehicle market from 2010 to 2014 fluctuated between 105,079 in 2010 and a peak of 118,438 in 2012. In 2015 started a positive trend that would continue until 2018 where sales ended at 159,317. In 2019 light vehicle sales began to fall down to 154,174.
The negative momentum continued into 2020 with the market falling 19.0% to 124,829, partially due to the arrival of the pandemic.
Luckily the light vehicle boomed in 2021 reaching the current all-time high at 175,435 (+40.5%). The market rebounded in 2022 and registrations are projected to fall 5.0% to 166k by the end of the year. 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.
Tables with sales figures
In the tables below we report sales for top 10 Brands.
