Automobile Market Sales in the First Eight Months of 2024 Surge by 15.8%

The total car market sales in the first eight months of 2024 climbed by 15.8%, reaching 59.3 thousand vehicles compared to 51.1 thousand in the same period last year, according to the Automotive Market Information Council (AMIC) report reviewed by Al Borsa.

This growth reflects a resurgence in consumer demand and significant shifts in market dynamics, especially among leading brands.

Key Market Trends and Highlights

• Private Passenger Cars: Sales surged by 24%, totaling 47.3 thousand cars compared to just over 38 thousand in the same period last year.
• Truck Sales: Various categories of trucks saw a 4% decrease, with sales of 7.7 thousand units versus more than 8 thousand in the prior year.
• Bus Sales: The bus segment recorded a significant decline of 16.7%, with 4.2 thousand units sold compared to over 5 thousand during the same period last year.

Top Performers in the Automobile Market

Nissan

• Market Leader: Nissan took the lead with a 15.9% market share, selling 9.4 thousand cars.

Chery-Ghabbour

• Rising to Second Place: With a 12.2% market share, Chery-Ghabbour sold over 7.2 thousand cars.

Chevrolet

• Drops to Third: Chevrolet moved to third with 6.9 thousand cars sold, holding 11.7% of the market.

Toyota

• Fourth Place: Toyota reported a 10.9% market share with sales totaling 6.4 thousand cars.

Hyundai

• Consistent Sales: Hyundai sold over 6 thousand units, capturing a 10.2% share.

Additional Market Players:

• MG ranks sixth, holding a 6.6% market share with 3.9 thousand sales.
• Kia comes in seventh with over 3.1 thousand cars sold, capturing 5.3% of the market.
• BYD follows in eighth place with sales exceeding 3 thousand units, representing 5.1% of the market.

Remaining Brands:

• Mitsubishi ranked ninth, achieving 1.7 thousand sales and a 2.9% share.
• Suzuki fell to tenth place with a similar share of 2.9% and sales of 1.7 thousand cars.
• Renault and Geely Abu Ghaly took eleventh and twelfth places, with market shares of 2.7% and 2.1%, respectively.

Other brands collectively sold 6.7 thousand cars, totaling an 11.4% share of the market.

August 2024: Monthly Insights

The AMIC report highlights a strong performance in August alone, with over 8.3 thousand vehicles sold, reflecting a notable 33.9% year-over-year growth from 6.2 thousand sales in August 2023.

This dynamic market environment underscores consumer preference shifts and strategic performance among top automobile brands, positioning the industry for potential continued growth in the remainder of the year.