Yemen 2023. Vehicle Market Up 70.9% In YTD Sales With Toyota Holding 66.0% Share

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The 2023 Volkswagen Golf R 333 Limited Edition
The 2023 Volkswagen Golf R 333 Limited Edition

Yemeni vehicle market in October 2023 grows for the 12th consecutive month, with new sales at 1,140 (+65.0%). YTD figures at 10,680 are up 70.9% from the previous year. Toyota holds 66.0% of the country’s market share.

Market Trend and Outlook

Yemen’s light vehicle market in October 2023  grows for the 12th consecutive month, with new sales at 1,140 (+65.0%). YTD figures at 10,680 are up 70.9% from the previous year.

Looking at cumulative data up to October 2023 brand-wise, the leader Toyota reports a 20.4% growth in sales while holding 66.0% market share, followed by MG up 7 spots- with 29.8% market share. Hyundai falls 2 spot into 4th with 29.9% less sales compared to the prior year.

Medium-Term Market Trend

The market collapsed in the past years. From the 14,696 vehicles sold in 2013, the industry dropped to only 3,025 in 2016, before showing a little recovery in 2017, mainly in the second half, with 3,938 units. In 2018 improved for the second consecutive year, ending with sales up 37.8% at 5,231 units.

In 2019, the market started improving at an outstanding pace. Indeed, the Full-year ended with registrations at 8,483, booming 62.2%.

Due to the COVID-19 pandemic sales fell in  2020. In fact, 5,276 units have been sold, reporting a decline of 37.8% compared to 2019.

The collapse wasn’t due to structural problems in the market, in fact, it boomed 61.2% in 2021, reporting 8,507 new yearly sales. The market stabilized in 2022 with sales dropping merely 2.3% totaling 8,274 light vehicle registrations.