Iceland’s Car Market is facing significant challenges in 2024. Sales in October fell to just 719 units (-29.8%) while YTD figures stood at 9,609 (-38%). Tesla dropped 82.2% out of podium and into 7th, posting the weakest performance among the Top 10.
Market Trend and Outlook
In 2024, Iceland’s economic growth is projected to slow to 1.9% mainly due to weak exports, though it is expected to rebound to 2.8% in 2025. Business investment remains weak as financial conditions continue to tighten and foreign tourism is declining due to capacity constraints. Private consumption is still negatively affected by high inflation and subdued real wages, which are expected to pick up in 2025 as disposable income strengthens.
Iceland’s car market struggled in October 2024, with sales dropping to 719 units (-29.98%) amid weak economic conditions. YTD figures reached 9,609 units in YTD figures (-38%).
Brand-wise, Toyota led up to October, with 1,275 sales (-51%) and securing a 13.3% market share. Kia -up 1 spot- followed in second place, with 1,184 registrations (+27.7%) and a 12.3% market share. Hyundai -up 2 spots- totaled 1,146 sales, holding a 11.9% share (+23.8%).
Dacia saw a 23.4% decline and reached 714 sales year-on-year. Suzuki –up 4 spots- had 475 registrations, decreasing by 5.4%. Skoda -up 6 spots- with 452 sales, experienced a 8.7% increase. Tesla -down 5 spots- recorded 423 sales with an 82.2% decrease.
Closing the leaderboard, Mercedes registered 379 units (-29.6%), Renault -down 2 spots- accumulated 367 sales (-36.7%) and Land Rover -up 4 spots- reached 346 sales (+5.2%).
The most sold vehicle this year was still the Dacia Duster -up 1 spot- (-20.9%), followed by the Kia Sportage –up 2 spots- (-20.9%). The Toyota RAV4 (-40.4%) closed the podium.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.
