Emirates Automotive Market in October 2023 grows for the 12th month in a row, reporting 26,846 new registrations (+50.0%). YTD figures at 231,375 are up 29.3% from the previous year. Mitsubishi loses 48.5% in year-on-year sales.
Market Trend and Outlook
Emirates vehicle market in October 2023 grows for the 12th month in a row, reporting 26,846 new registrations (+50.0%). YTD figures at 231,375 are up 29.3% from the previous year.
Looking at cumulative data up to October 2023 brand-wise, the leader Toyota reports 63,703 new registrations with a 15.6% growth in volume compared to the prior year and 27.5% market share. Nissan in second is lags behind with 35,421 new registrations this year (+31.3%).
Mitsubishi maintains 3rd position with 12,779 cumulative registrations despite falling 48.5% compared to the previous year.
Looking at specific models the Nissan Sunny becomes the best seller rising 1 spot and 35.3% in year-on -year volume, followed by the Nissan Patrol down 26.7%.
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