Iraqi Cars Sales in September 2024 were down 3.5% from the prior year. Still, YTD sales grew by 24.7% in year-on-year volume, with most brands in the Top 10 posting notable growth.
Market Trend and Outlook
Following a recession in 2023, Iraq’s economy is expected to grow 1.4% in real GDP in 2024. This is thanks to a three-year budget aimed at fiscal expansion which was implemented by the new government that took office in October 2022.
The strong economic sentiment is reflected in the Iraqi vehicle market in 2024, which reported YTD figures at 115,323 (+24.7%). Still, sales in September were down 3.5% at 13,214.
Looking at cumulative data up to September 2024 brand-wise, the leader was Toyota -up 1 spot- with 32,434 sales (+42.6%), followed closely by Kia -down 1 spot- with 30,266 new registrations (+25.7%).
In third place ranked Hyundai with 15,201 new registrations (+41.3%), followed by MG with 7,768 sales (-20.6%), Suzuki -up 1 spot- at 4,504 (+69.1%), Chevrolet -down 1 spot- at 3,621 (-11.7%) and Great Wall -up 3 spots- in 7th with 2,609 cumulative sales (+65.7%).
Changan ranked in 8th spot with 2,552 sales (+16.9%), followed by Chery -down 2 spots- at 2,384 (+5%) and Nissan -up 18 spots- which closed the top 10 with 1,460 new registrations reported this year.
Looking at specific models the Toyota Hilux became the best seller while gaining 44.3% in year-on-year sales, followed by the Kia Frontier, up 16.8%.
Medium-Term Market Trend
The internal war against ISIS and the consequence for the economic and social aspects, pushed down the Iraq automotive industry in 2014-2016, after a period of sustained growth.
The market peaked down in 2016 with sales below the 40K, but since 2017 a long term growth in place.
Indeed in 2020 the pandemic arrival breaked the growth with sales down 16.7%, but it was a temporary stock and since 2021 the market is back on track.
Sales, in fact, in 2022 grew 26.7% to 107,990, the highest level of yearly volume in the last 8 years.
Tables with sales figures
In the tables below we report sales for top 10 Brands and top 10 models.
