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An interesting situation is unfolding in Uzbekistan’s automotive market. The overall volume of car sales has decreased by 25.5% over the past year. However, the decline is mainly driven by the secondary market, which continues to stagnate. At the same time, demand for new cars and electric vehicles is steadily rising.
These findings are presented in a report by the Center for Economic Research and Reforms.
Passenger Car Sales: The Numbers
In September 2024, sales of passenger cars decreased slightly by 0.3% compared to the previous month, totaling 101.6 thousand units. On a yearly basis, the decline was more significant, with sales dropping by 25.5%.
A regional analysis shows the largest declines in September occurred in:
- Andijan Region – a decrease of 9.1%
- Kashkadarya Region – a decrease of 7.9%
- Tashkent Region – a decrease of 7.7%
In the third quarter of 2024, 295.6 thousand vehicles were sold, marking a 26.8% decline compared to the same period last year.
The Primary Market: Positive Dynamics
The primary market shows increased activity. In September, passenger car sales grew by 10.3% compared to the previous month, adding 3.8 thousand more units. The annual trend is also stabilizing: while sales dropped by 1% in August, September saw a 7.7% increase.
Sales of locally manufactured new cars continue to rise. In September, sales increased by 10.8%, reaching 37.6 thousand units. Annually, this represents a 12% growth.
Growth in the Foreign Car Segment
Demand for foreign passenger cars remains strong in Uzbekistan. In August, sales in this segment increased by 25.6%, though the growth rate slowed to 4.5% in September, totaling 3.3 thousand units.
The Secondary Market Continues to Decline
The secondary car market continues to show declining activity. In September, sales in the secondary market decreased by 6.3% compared to August, with 60.5 thousand cars sold in this segment. Over the past year, secondary market sales have fallen by 38.4%.
Electric Vehicle Boom
The electric vehicle segment in Uzbekistan is experiencing record growth. In September, electric car sales increased 2.4 times compared to August, reaching 4.24 thousand units, up from 1.7 thousand units sold the previous month.
The largest increase in electric vehicle sales was recorded in:
- Tashkent – 3,180 units
- Tashkent Region – 285 units
- Andijan Region – 119 units
On an annual basis, electric vehicle sales grew by 17%.
Despite the surge in September, 9.3 thousand electric cars were sold in the third quarter of 2024, which is 5.6% lower than the same period last year.
Conclusion
The decline in the secondary car market is becoming one of the key trends of 2024. However, the primary market and especially the electric vehicle segment are showing positive momentum. The growing interest in new cars, including electric vehicles, reflects a shift in consumer preferences and the increased availability of innovative solutions in Uzbekistan’s automotive market.
In the near future, further growth in demand for new cars and electric vehicles is expected, while the secondary market is likely to remain stagnant.
The article may contain inaccuracies as it is translated by AI. For more details, please refer to the Russian version of the article. If you notice any inaccuracies, you can send corrections via the Telegram bot: Uzvaibik_bot.
