Jamaica vehicles market in the 2017 scored the second negative year in a row, albeit improved economic environment. The arrival of new players in a so small market is increasing the competition reducing the share of traditional brands, including the leader, Toyota.
Jamaica’s economy is on the mend, with the Statistical Institute’s measure of the unemployment rate dipping in October to a nine-year low and down sharply from July. Labor market improvements were most marked for women, with female employment surging year-on-year.
In addition, tourism numbers rose at a robust pace in 2017 thanks to a greater number of U.S. visitors. On the downside, the trade deficit widened significantly in the year despite strong export growth, due to greater fuel imports.
Jamaica’s vehicles market is quite stable between the 5.000 – 6.000 annual sales. After hitting the best in the 2015, with 6.576 units, actually the trend is declining and in the 2017 market fell down for the second year in a row, at 5.376 units, down 5.7% from the previous year.
Brand wise, the trend is of progressive increase of competition year after year, with new players joining the arena eroding share to the previous players. With this perspective is clear why the traditional market leader, the Japanese Toyota, is losing share year after year, and in the 2017 held only the 12.9%.
Tables with sales figures
In the tables below we report sales for Top Brands
