Israeli vehicles market in 2023 reported a total of 268,878 units sold, a 0.3% increase from 2022. Despite reporting a slight growth in sales, the market took a beating in the last months of the year.
Market Trend and Outlook
After expanding 3.1% in quarter-on-quarter annualised terms in Q2, the Israeli economy saw robust growth in Q3. However, the conflict with Hamas is weighing on momentum in Q4. The government has called up over 300,000 reservists, sparking labor shortages and depressing private spending. In addition, the closure of schools and universities is hitting the education sector, while security concerns are set to weigh heavily on tourism and investment. Moreover, movement restrictions will be reducing the supply of Palestinian laborers, weighing on construction output.
This conflict has also heavily effected the Israeli Vehicle Market, which totalled 268,878 new sales in 2023 and grew a mere 0.3% from 2022. In fact December fell for the 3rd consecutive month, reporting only 4,738 sales (-56.6%).
Looking at cumulative data from 2023 brand-wise, the leader was still Hyundai at 41,754 sales (-1.8%), in front of Kia at 32,654 sales (-14.6%) and Toyota at 31,772 registrations (-13.9%).
BYD jumped 14 spots into 4th with 15,102 sales (+307.1%), followed by Skoda with 14,474 new registrations (+6.7%), Mazda at 13,762 (-26.7%) and Chery -up 25 spots- in 7th with 11,147 units sold.
Mitsubishi fell 2 spots into 8th with 10,299 sales (-11.9%), followed by Suzuki -down 2 spots- at 8,729 sales (+0.5%) and Geely -down 1 spot- with 7,096 registrations (+4.1%).
Tables with sales figures
In the tables below we report sales for 10 Brands and top 10 Manufacturers Groups.
