Bermuda vehicles market falls due to the global pandemic affecting sales. Indeed, Full Year 2020 sales have been 1.123, down 21.8% compared to 2019. Kia remains in a solid position of leadership, followed by Toyota and Hyundai.
Economic Environment
As with most islands, the major turning point in Bermuda’s economy was the switch from an agricultural economy to one based on the tourist trade. Bermuda now offers a wide range of tourist-friendly options year-round and benefits from its proximity to the U.S. mainland.
Over 360 thousand visitors travel to the island each year to relax in resorts, relax at the beaches, and tour the sites. Many thousands of vacationers arrive from the United States. Not surprisingly, tourism is one of Bermuda’s largest industries (28 percent of Bermuda’s Gross Domestic Product can be attributed to the tourism industry).
Market Trend
The Bermudan vehicle market has been affected in 2020 by the global COVID-19 pandemic, which impacted sales significantly.
The domestic vehicles market is small, with just a few units over the thousand, and is fueled by tourism and rent cars. In 2017 the market reached 1.380 units, up 5.5% from the previous year. In 2018, the market hit a new all-time record, selling 1.433 units, up 4.1%.
In 2019, the market is holding a stable trend. Indeed, sales have been 1.436, setting by just 3 units a new all-time record again.
Full-Year sales for 2020 have been 1.123, reporting a 21.8% decrease compared to 2019.
Brand-wise, this year the leader Kia (-16.1%) gained 1.9% market share, followed by Toyota (-19.6%), which gained 0.5% share. Hyundai (-16.7%) was in the third position and gained 0.7% market share.
