Emirates Automotive Market in 2023 grew positively for the whole year. Full Year figures at 277,525 are up 27.2% from the previous year. Land Rover gains 142.2% jumping into the top 10.
Market Trend and Outlook
Emirates vehicle market in 2023 grew for 12t months in a row, reporting 277,525 registrations (+27.2%). Sales in December continue a 13 month positive string, new sales reached 22,694 (+21.3%).
Looking at cumulative data up to December 2023 brand-wise, the leader Toyota reports 77,117 new registrations with a 16.0% growth in volume compared to the prior year and 27.8% market share. Nissan in second is lags behind with 42,793 new registrations this year (+29.7%).
Mitsubishi maintains 3rd position with 14,921 cumulative registrations despite falling 47.8% compared to the previous year.
Looking at specific models the Nissan Sunny becomes the best seller rising 2 spots and 34.2% in year-on -year volume, followed by the Nissan Patrol up 21.5%.
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
