Azerbaijan Auto Market keeps momentum in 2024. Sales in September rose 4.7%, posting the 8th consecutive month of growth. YTD figures confirmed the trend, were up 11%. Kia became leader while Hyundai dropped to 2nd.
Market Trend and Outlook
Azerbaijan’s economy saw strong growth in recent years, driven by high energy prices, but momentum slowed in 2023 with GDP growing just 1.5%. Inflation eased but remained high, while declining oil production and slowing non-oil sector growth weighed on the economy.
Stable energy prices and rising gas revenues provided support, and GDP is forecast to grow by 2.5% in 2024. Key reforms focus on diversification through renewable energy, IT development, and digitalization of capital markets. The Middle Corridor’s enhancement is a priority for trade and energy transmission, supported by regional and European collaboration. Advancing the green energy transition and strengthening regulatory frameworks will be crucial for long-term growth and investment.
For what concerns the Azerbaijani vehicle market, in September 2024 sales grew 4.7%, posting the 8th consecutive month of growth. YTD figures confirmed the positive trend and gained +11% in year-on-year volume.
Brand-wise, Kia -up 1 spot- became the new leader, up 22.7%. Hyundai -down 1 spot- dropped 17.1% into 2nd, followed by Toyota in 3rd up 22.7%. Gaz gained 22.8% and ranked 4th while BMW in 5th grew 22.7.
Looking at the best selling models, the Kia Sportage confirmed itself as the leader growing 22.7%, while the GAZon NExt followed in 2nd, up 22.8%.
