Jamaica’s vehicle market in 2020 grows despite infections increasing since August. Indeed, 632 units have been sold in September (+5.7%), leading Year to Date sales at 5.701 units (+5.9%). Toyota grows and holds an impressive 31% market share.
The economy likely remained in the doldrums in Q3 amid the fallout from the global pandemic, after contracting sharply in Q2. Another steep drop in merchandise imports in July points to still-weakened domestic demand at the start of the quarter.
Moreover, private consumption should have remained downbeat in Q3 overall as some containment measures remained in place, which likely also weighed on capital expenditure. In addition, tourist arrivals continued to fall sharply through September. On the other hand, remittances continued to grow sturdily in July after surging in June, which should have provided some support to household spending.
Turning to the fourth quarter, prospects are less gloomy, although the recent resurgence of new Covid-19 cases globally suggests the external sector could feel the pinch from lower trade levels and still-muted tourist inflows.
Market Trend Year to Date
Jamaica’s vehicle market has been performing quite well in 2020 despite infections rising in August. In fact, 632 units have been sold in September (+5.7%), leading Year to Date sales at 5.701 units, a 5.9% increase compared to the previous year.
Brand-wise, Toyota still dominates the market with 31% market share, followed further down by Kia with 12.7% share and Volkswagen with 10.3% share.
Medium-Term Market Trend
Jamaica’s vehicles market is quite stable between 5.000 – 6.000 annual sales. After hitting the best in 2015, with 6.576 units, the trend embarked on a negative path, and in 2017 the market fell down for the second year in a row, at 5.376 units, down 5.7% from the previous year.
In 2019 the market performed very well, ending the year with sales at 7.176.
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Tables with sales figures
In the tables below we report sales for the Top 10 Brands
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