Cyprus 2020. Renault is the top performer (+51.9%) in market down 17.7%

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Cyprus car market
The 2021 Fiat Tipo Cross

Cyprus auto market falls due to the global pandemic affecting sales. Indeed, Full Year 2020 sales have been 10.061, down 17.7% compared to 2019. Renault reports the largest growth in the leaderboard, rising 51.9%.

 

Economic Environment

Available data suggests that the economic panorama remained subdued in Q3, following the unprecedented GDP drop in Q2. On the external front, tourist arrivals nosedived by more than 80%, on average, in Q3, while merchandise exports dropped markedly in July–August, as Covid-19 continued to suppress foreign demand.
On the domestic side, consumers turned only marginally less pessimistic in Q3 compared to Q2—the peak of the health crisis—while the unemployment rate rose in August, likely dragging on household consumption.
Moving to Q4, a spike in new Covid-19 infections prompted the government to introduce new restrictions in mid-October, boding ill for recovery at the tail-end of the year. More positively, on 2 October, Fitch Ratings affirmed the country’s BBB- credit rating with a stable outlook, citing its solid governance, strong institutions, and sound fiscal policy.

Market Trend

The Cyprus vehicle market has been affected in 2020 by the global COVID-19 pandemic, which impacted sales significantly. 

The automotive industry of Cyprus, one of the smaller within the EU, was severely hit by the financial crisis falling down during the period 2010-2013 before recovering and anticipating the economic growth. In the last three years, the domestic car market grew fast with both 2015 and 2016 up 25%. In 2017 sales improved a little with volume at 14.822 (+0.4%), while growing 15.1% in 2018, closing with 14.731 units sold. In 2019, the market embarked on a negative pathway, reporting sales down a disappointing 17% with 12.220 units sold.

After starting the year with a positive trend (+14.2%), the market quickly collapsed in March as the virus struck. The sharpest drop in sales this year was in April when sales declined by 84.1%. In the following months, the market recovered reaching +14.1% in August. The last months of the year were characterized by a mixed trend, but the year ended with December sales down 21.4%.

Full-Year sales for 2020 have been 10.061, reporting a 17.7% decrease compared to 2019.

Cyprus monthly sales variation 2020
Cyprus monthly sales variation 2020

Brand-wise, this year the leader Toyota (+4%) gained 2.1% market share, followed by Kia (-7.4%), which gained 0.5% share. Nissan on the other hand lost 0.4% share, falling 14.6%.  Volkswagen lost 13% sales, followed by Hyundai (-5.5%).

Mercedes -up 2 spots- gained 7.4%, followed by BMW (-23.2%) and Renault (up 7 spots) which gained 51.9% sales. Closing the leaderboard we have Audi -up 3 spots- losing 8% this year and Land Rover rising 1 position and losing 10.3%.

The most sold model in the country is the Kia Stonic with 444 sales (+2.3%), holding 4.4% market share.

Tables with sales figures

In the tables below we report sales for top 10 Brands and top 10 Models.

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