Uzbekistan witnessed a surge in car sales, with a total of 1.7mn vehicles sold in 2023, marking an 18% increase from the previous year. The data, sourced from the Center for Economic Research and Reforms (CERR), highlighted the resilience of the automotive sector amid economic shifts.
Primary and Secondary Markets Showcase Growth
The report revealed a dynamic landscape in both the primary and secondary markets. Sales of new passenger cars experienced a notable 33% growth, totaling 379,000 units. Furthermore, domestic car sales surged by 25%, contributing to a total of over 333,000 local cars finding buyers. Interestingly, the used car market saw a 12.6% increase, with 1.2mn vehicles changing hands.
Manufacturing Flourishes as Auto Lending Surges
The production of domestic passenger cars demonstrated a remarkable 1.6-fold increase over two years, rising from 236,000 units in 2021 to an impressive 395,000 units in 2023. Simultaneously, the popularity of car loans soared, with the volume spiking 4.4 times to UZS 34.6 trillion ($10.9bn) during the 11M 2023, building on the 2.3-fold increase observed in 2022.
Foreign Cars Gain Traction with Import Boost
Sales of new foreign cars surged by 2.4 times, reaching an annual total of 46,000 units. The import of passenger cars mirrored this growth, escalating by 2.2 times and registering $1.56bn in 11M 2023. The reduction in customs duties, initiated by a Presidential decree in February 2022, played a pivotal role in fostering this upward trend.
Rapid Expansion in the Electric Vehicle Market
A standout phenomenon in the automotive sector was the burgeoning electric vehicle market. Sales of passenger electric vehicles skyrocketed by 4.3 times, totaling 25,700 units in 2023. The capital city emerged as the leader in electric vehicle sales, commanding a substantial 71% market share, while the Surkhandarya region reported the lowest sales volume, with only 123 electric cars.
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