Uzbek Vehicles Market kept robust growth in 2024. September sales totaled 40,516 units, growing by 6.4% in year-on-year volume and slowing down compared to previous months. YTD figures totaled 319,198, up 19.3% compared to the prior year.
Market Trend and Outlook
Economic growth in Uzbekistan is expected to decline slightly in 2024 as higher prices affect households disposable income. According to the Asian Development Bank, GDP growth is anticipated to be 5.5% in 2024, slightly increasing to 5.6% in 2025. This slowdown is attributed to the adverse effects of rising administered prices on household income, which may decrease consumer demand.
Although economic activity is expected to slow down, the Uzbek Vehicle Market continued upward trajectory in 2024. Monthly sales in September totaled 40,516 (+6.4%) while YTD figures up to Q3 stood at 319,198 and grew 19.3%.
Looking at cumulative data up to September 2024 brand-wise, Chevrolet still dominated the market with a 61.06% market share and a 10.2% year-on-year growth in sales. The second biggest brand remained Daewoo, up 39.4% in volume with 21.93% of the country’s total market share.
Medium-Term Market Trend
While formally independent of Russian political influence, the Uzbekistan leadership has deeply influenced the development of the vehicle market, using it as a cash cow for State finance.
Limiting the market to the only national producer (in partnership with General Motors) creates huge barriers with duties on import, allowing to control the distribution and maximize the financial return, in a market potentially at half a million annual sales, but fluctuating between 100 and 200 thousand sales.
Now, after the market has been opened to import, it is expected to be one of the fastest growing within the next five years.
