Madagascar vehicles market falls slightly due to the global pandemic affecting sales. Indeed, Full Year 2020 sales are 1.751, down 7.8% compared to 2019. Renault falls 14.1% and loses 1.4% share.
Economic Environment
Madagascar is a mostly unregulated economy with many untapped natural resources, but no capital markets, a weak judicial system, poorly enforced contracts, and rampant government corruption.
The country faces challenges to improve education, healthcare, and the environment to boost long-term economic growth. Agriculture, including fishing and forestry, is a mainstay of the economy, accounting for more than one-fourth of GDP and employing roughly 80% of the population.
Market Trend
The Madagascar vehicle market has been affected in 2020 by the global COVID-19 pandemic, which impacted sales.
Madagascar’s vehicle market has been characterized by an unstable trend in recent years. Indeed, after being hit by a large drop in 2016 the market immediately recovered, bouncing back in 2017 at 2.126 units. However, in the following years registrations started declining, and in 2018 fell 6.2% at 1.995 units.
In 2019, signed the second consecutive year of decline. Indeed, Full-year sales have been 1.894, down 5.1% from the previous year.
Full-Year sales for 2020 have been 1.751, reporting a 7.8% decrease compared to 2019.
Brand-wise, this year the leader Toyota (+6.2%) gained 3.2% market share, followed by Renault (-14.1%), which lost 1.4% share. Nissan (-0.6%) was in the third position and gained 0.7% market share.
The most sold model in the country remains the Toyota Hilux with 270 sales (+12.5%), holding 15.4% market share.
