Emirates Vehicle Market in September 2024 grew for the 23rd consecutive month, reporting 33,845 new sales (+29.1%). YTD figures at 235,610 were up 15.2% compared to the prior year.
The UAE’s economy is expected to experience robust growth, with a projected 3.9% increase in 2024 and 2.8% in 2025, driven by an anticipated boost in oil production and a strong non-oil sector. Amidst global economic uncertainty, the UAE continues to lead growth in the GCC region, leveraging strategic diversification efforts, including substantial investments in tourism and industrial capabilities. The country’s focus on enhancing its soft power and maintaining a stable, safe environment further strengthens its appeal as a hub for sustainable development, positioning the UAE as a top destination for businesses and wealthy migrants.
Emirates Vehicle Market in September 2024 grew for the 23rd consecutive month and reported 33,845 new sales (+29.1%). YTD figures totaled 235,610, up 15.2% compared to the prior year.
Looking at cumulative data up to September 2024 brand-wise, the leader Toyota reported 57,960 new registrations with a 2% growth in volume compared to the prior year and 24.6% market share. Nissan in second is lagging behind with 36,312 new registrations this year (+15.8%).
Mitsubishi secured 3rd position with 15,422 cumulative registrations and grew 37.8% in volume, followed by MG -up 1 spot- with 9,169 (+14.9%), Hyundai -down 1 spot- at 8,774 (+5.2), Ford -up 7 spots- with 8,125 registrations (+73.4%).
Kia dropped 1 spot ranking into 7th with 8,007 new registrations (+7.8%), in front of Land Rover -up 3 spots- at 7,799 (+34.6%), Suzuki at 7,486 (+12.4%) and Tesla -up 52 spots- closing the top 10 with 6,751 new sales.
Looking at specific models the Nissan Sunny was still the best seller, growing 6.5% in year-on-year volume, followed by the Nissan Patrol, up 6.1%.
Medium-Term Market Trend
UAE vehicles market flourished in the period 2010-2015, more than doubling volumes from 213.072 in 2010 to 408.154 in 2015, the current all-time record.
However, the growth was broken by the reduced purchase power that arrived in the second part of 2015 due to the sharp decline of oil revenue and the introduction of restrictive fiscal policies.
The market started to fall down in 2016 and in 2018, when the government introduced a 5% VAT duty, the annual volume was back down at 247,652 units.
In 2019, like in other markets in the region, the UAE market started recovering. Indeed, the Full-year ended at 263,001 sales, improving 6.2% from the previous year.
Due to the COVID-19 pandemic sales fell in 2020 at the lowest since 2008. A 26% recovery in 2021 was just a light in a trend not yet positive, with next year’s expected not to be easy for the industry, due to the expected global recession that would reduce the oil price in the international market reducing UAE revenues.
Tables with sales figures
In the tables below we report sales for top 10 Brands
