Dominican Republic Vehicles market in 2019 is back on a negative track. Indeed, Year to Date November sales have been 19.288, projecting the full year to 20.991, down 1.5%. Hyundai is leading with 20.4% of share, followed by Toyota and Kia.
Economic Environment
The economy seems to have accelerated again in the third quarter, judging by the monthly economic activity index, after growth picked up in the second quarter. In September, economic activity was buttressed by robust growth in the wholesale and retail trade, manufacturing, and financial services sub-sectors.
Moreover, remittances growth shifted into a higher gear in the quarter which, alongside notably softer inflationary pressures, should have spurred household consumption.
On the other hand, the merchandise trade deficit widened in the three months ending in September compared to Q2 despite strong export growth, likely weighing on the external sector and by extension the wider economy. Although data for the fourth quarter is limited, remittances remained robust in October, boding well for private outlays.
Market Trend
The Dominican Republic new vehicles market had reported a strong increase in the 2016, when the new all time record was established at 24.396 units. In the 2017 sales declined back at 21.425 units (-16%) and were more in line with the average volume in this decade. In 2018, registrations reported a shy recovery. Indeed, the year ended with sales at 21.300, up just 1.3%.
However, in 2019 the market went back on a negative track. Indeed, Year to Date November sales have been 19.288, projecting the full year to 20.991, down 1.5%.
The market leader is Hyundai, dominating with 20.4% of share, while Toyota and Kia are contending the 2nd position, holding 13% of share.
Tables with sales figures
In the tables below we report sales for Top Brands
