Bermuda vehicles market in 2020 is still recovering slowly from the drop experienced in Q2 and July. Indeed, in September 102 units were sold (-14.3%), leading Year to Date sales at 773 units (-27.8%). Kia holds 27.3% share, followed in the distance by Toyota (15.9%).
As with most islands, the major turning point in Bermuda’s economy was the switch from an agricultural economy to one based in the tourist trade. Bermuda now offers a wide range of tourist-friendly options year-round and benefits from its proximity to the U.S. mainland.
Over 360 thousand visitors travel to the island each year to relax in resorts, relax at the beaches, and tour the sites. Many thousands of vacationers arrive from the United States. Not surprisingly, tourism is one of Bermuda’s largest industries (28 percent of Bermuda’s Gross Domestic Product can be attributed to the tourism industry).
Market Trend Year to Date
After the sharp drop in sales experienced in Q2 and July, Bermuda’s vehicle market started recovering in September. In fact, 102 units have been sold (-14.3%), leading to Year to Date sales at 773 units, 27.8% down compared to the previous year.
Brand-wise, the undiscussed leader Kia holds an impressive 27.3% share, followed in the distance by Toyota with 15.9% share and Hyundai with 10.3% share.
Medium-Term Market Trend
The domestic vehicles market is small, with just a few units over the thousand, and is fueled by tourism and rent cars. In 2017 the market reached 1.380 units, up 5.5% from the previous year. In 2018, the market hit a new all-time record, selling 1.433 units, up 4.1%.
In 2019, the market is holding a stable trend. Indeed, sales have been 1.436, setting by just 3 units a new all-time record again.
In Q1 2020 the market started on a negative trend, as 321 units had been sold (-10.1%), furthermore First Half sales were 517, down 27.6%.
Tables with sales figures
In the tables below we report sales for the Top 10 Brands
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