Iraq Vehicles Market 2016 hit the third consecutive heavy fall in a series, dragged down by the oversupply in the global crude market. The Kia Frontier kept the leadership while Volkswagen shines.
Market Outlook
Iraq’s apparent inability to curtail its oil production is becoming a thorn in OPEC’s side as the cartel attempts to alleviate the oversupply in the global crude market.
On a better note, on 20 December the World Bank endorsed a new USD 1.5 billion aid package to the war-torn country to help it cope with both security operations in Mosul and low oil prices. FocusEconomics analysts project GDP growth of 2.3% in 2017.
Following the vigorous slowdown of the 2015, unfortunately the new vehicles market in 2016 continued to lose ground heavily, losing more than twice.
In the full year the registrations had been 27.750 (-50.3%), hitting the sixth consecutive annual decline and the worst performance since 2010.
Competitive Arena
The leader of the year was Kia with 11.339 sales (-50.6%) ahead of Toyota with 6.227 (-41.3%) and Hyundai with 4.551 (-55.7%), while the best performer was Volkswagen (+272.7%).
Among the worst performances were reported for Chevrolet, Hyundai, Kia, Land Rover, Toyota, Nissan and Ford, while Suzuki posted the sharpest slowdown (-64.2%).
The best selling model was the Kia Frontier for the third year in a row with 5.615 units (-40.6%) ahead of the Kia Sportage with 2.174 (-32.2%) and the Toyota Hilux with 2.050 (-50.7%).
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models
