Estonian Cars Market is experiencing a downfall in 2024. Sales in May reached 1,660, declining for the 5th straigth month (-22.4%). YTD figures stood at 7,535, down 19.8%. Among the Top 10, Audi and Peugeot posted the weakest performance, dropping 5 spots into 8th and 10th respectively.
Market Trend and Outlook
Estonia’s economy is forecast to contract by 1% in 2024 before recovering to 1.1% growth in 2025 and 2.6% in 2026. Weak domestic demand, subdued investment, and slow export recovery drive stagnation, while tax hikes weigh on consumption despite higher wages.
Inflation is expected to remain high at 3.6% in 2025, easing to 2.4% in 2026, while unemployment averages 7.7% in 2025. The government deficit will stay at 3.0% of GDP through 2026, with public debt rising to 25.5% of GDP, as fiscal policies focus on defense and social benefits amid ongoing economic challenges.
In line with the overall economic outlook, the Estonian car market is contracting in 2024. Monthly sales in May reached 1,660, posting the 5th month of losses in year-on-year volume. YTD figures at 7,535 fell 19.8% compared to the prior year.
Looking at cumulative data up to May 2024 brand-wise, the leader Toyota reported 1,541 sales (+0.1%), followed by Skoda at 1,468 (-3.4%) and by Kia -up 1 spots- in 3rd position with 599 registrations (-11%).
Volkswagen -down 2 spots- followed into 4th with 571 sales (+18.7%) followed by Dacia -up 3 spots- at 380 sales (+11.1%), Subaru – up 4 spots- at 313 (+4%), BMW -up 4 spots- at 242 (+3.4%) and Audi -down 5 spots- in 8th with 234 registrations (-81.6%).
Hyundai -up 1 spot- ranked in 9th spot with 234 registrations (-22.5%) and Renault -down 5 spots- closed the top 10 with 208 cumulative sales (-44.7%).
Looking at the best-selling models, the Skoda Octavia retained leadership with a 20.2% increase in volume compared to 2023, followed by the Toyota Corolla, up 0.9% and 2 spots.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 models.
