Cote d’Ivoire’s vehicles market falls due to the global pandemic affecting sales. Indeed, Full Year 2020 sales are 10.643, down 8.2% compared to 2019. Toyota remains the undiscussed leader and keeps gaining share.
Economic Environment
After the economy contracted in Q2 due to the blow from the Covid-19 pandemic, conditions likely improved in Q3, albeit remained challenging overall. The gradual lifting of coronavirus restrictions should have supported activity, with business sentiment improving throughout the quarter.
However, still-muted foreign demand is set to have weighed on the external sector. Turning to Q4, social unrest intensified after incumbent President Ouattara secured a third term in office in the 31 October presidential elections, winning around 94% of the votes.
However, opposition groups, which boycotted the election, rejected the result and announced a parallel government, which, in turn, resulted in several opposition leaders reportedly being charged with sedition. The escalation of protests and clashes between rival groups could weigh heavily on investor sentiment going forward.
Market Trend
The Cote d’Ivoire’s vehicle market has been affected in 2020 by the global COVID-19 pandemic, which impacted sales significantly.
Light vehicles market development was steady in recent years and volume grew up from 7.500 in 2012 to 9.637 in 2018.
In 2019, the market (cars+ LCV) registered another double-digit growth. Indeed, the Full-year ended at 11.597, surging 15.9%.
Full-Year sales for 2020 have been 10.643, reporting a 8.2% decrease compared to 2019.
Brand-wise, this year the leader Toyota (+2.8%) gained 2.1% market share, followed by Suzuki (-17.8%), which lost 1.6% share. Renault (-12.6%) was in the third position and lost 0.4% market share.
The most sold model in the country remains the Toyota Hilux with 1.162 sales, holding 10.9% market share.
