Greek Cars Market in October 2024 continued negative trend, reporting 9,574 new sales (-14.8%). YTD figures at 116,772 were up 1.2% from prior year. Toyota (+40.9%) and Suzuki (+61.1%) led the Top 10.
Market Trend and Outlook
Following a reduced, but still solid economic performance in 2023, GDP growth is expected to pick up to 2.2% in 2024 and 2.3% in 2025, supported by export, investments, and private consumption. The projected gradual easing of financing conditions and the accelerated implementation of RRP-related projects are forecast to stimulate gross fixed capital formation, which is expected to pick up from 4.0% in 2023 to 6.7% in 2024.
The gradual rebound in external demand is also expected to support export growth, compounded by higher export market shares following competitiveness gains. However, the accelerating growth in investment, which has a significant import content, is set to induce higher import demand. Thus, net exports are likely to be growth-neutral and the current account deficit is projected to narrow only moderately over the forecast horizon.
In 2025, investment is expected to gain further momentum, and become a key contributor to output growth, while household spending is likely to be further supported by a rise in real income.
Despite the economic momentum, the Greek Auto Market kept falling in October 2024, reporting 9,574 new sales (-14.8%). YTD figures at 116,772 were up 1.2% from the prior year.
Looking at cumulative data up to October 2024, brand-wise, Toyota was still market leader with 20,608 sales (+40.9%), in front of Suzuki -up 5 spots- at 9,506 (+61.1%), followed by Peugeot at 9,276 sales (-1.3%), Hyundai at 7,887 (-6.6%) and Citroen at 6,761 units sold (-14.7%).
Opel fell 4 spots into 6th position with 5,750 sales (-41.5%), in front of BMW -up 3 spots- with 5,346 sales (+13.2%), Fiat -up 1 spot- with 4,868 sales (-6.5%) and Volkswagen -down 3 spots- with 4,719 units sold (-35.1%).
Kia fell 2 spots into 10th, closing the top 10 with 4,283 new car registrations (-22.7%).
Looking at specific models the Toyota Yaris was still the best seller with a 46.6% increase in year-on-year sales, followed by the Peugeot 2008 up 83.9% and 5 spots from the previous year.
Medium-Term Market Trend
Up to 2012 the Greek car market felt the consequences of the financial crises (2008-2010), falling -28.5% in 2011 and -19.7% in 2012 . In 2013 the market began to grow again and this uptrend continued for 7 years, reaching the all-time high at 115,830 in 2019.
The arrival of the pandemic made the Greek car market collapse 30.1% back down to 80,973 total sales.
Luckily in 2021 the market grew 24.6% back above the 100k mark and in 2022 rose another 4.4% to 105,278.
The Automotive industry in 2023 will have to confront a few factors that put negative pressure on sales: the disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips and Governments push towards Evs, an expensive alternative for low income consumers. Despite these factors, yearly figures totalled 134,490 sales (+27.7%).
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.
