Iraq Automotive industry is potentially a large market for vehicles, so far blocked by negative environment. The war against terrorists that have occupied and destroyed a relevant portion of national territory is limiting the growth of the country, with destruction in the existing infrastructures and no investments for new one. In the years 2010-2011, the Government has put in place a plan to support foreign investments to produce locally new vehicles, but the war crisis has blocked any plan. Now, during the 2016 has been announced again the project to produce locally.
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Iraqi Cars Sales are booming accelerating in the Q3 (+143%) after the end of internal conflict with terrorist. Year to date September sales at 40.598 were up 43% and the positive outlook with sustain next months consumer's demand.
Iraq Cars Market up 21% in the 2017 following the previous three years of sharp decline. However the new war against the Kurdistan Regional Government (KRG) following the independence referendum can limit the economic recovery.
Iraq Vehicles Market 2016 hit the third consecutive heavy fall in a series, dragged down by the oversupply in the global crude market. The Kia Frontier kept the leadership while Volkswagen shines.
Iraq New Vehicles market dropped 40% in the 2015. The industry was severely hit by the economic crisis, with GDP down 2.9%, due to high military expenses and fall of 85% revenues from oil. Kia was market leader.