Trinidad and Tobago car market in 2020 is heavily burdened by the restrictions to prevent the spread of infections, in fact, in September the market is still down 42.1% with 702 units sold, leading Year to Date sales at 7.201 units (-34.8%). Toyota remains the leader but is closely followed by Nissan.
The economy likely contracted sharply in Q2 amid social distancing measures and a softened energy sector. Looking at the third quarter, domestic momentum seemed to pick up as both cement and motor vehicle sales were significantly higher compared to the previous quarter, suggesting stronger construction activity and private consumption, respectively.
That said, the vital energy industry likely lost steam as the production of liquefied natural gas fell well below Q2’s monthly average in Q3, while the chemicals industry also showed weakness, as ammonia and fertilizer exports were below Q2’s monthly average in July–August.
In other news, some restrictions were lifted on 26 October, including the reopening of gyms, cinemas, casinos and theaters at 50% capacity, boding well for a recovery in the fourth quarter.
Market Trend Year to Date
The Trinidad & Tobago car market started to drop sharply in Q2 as the country started to impose restrictions to prevent the spread of the virus, but the market has not improved since then some restrictions were only lifted recently. Indeed, 702 units were sold in September (-42.1%), leading Year to Date sales at 7.201 units, still 34.8% under last year’s sales.
Brand-wise, Toyota remains the market leader holding 18.4% share, closely followed by Nissan and Hyundai, holding 17.7% share and 17.3% share respectively.
Medium-Term Market Trend
Trinidad & Tobago car market is one of the largest in the Caribbean with recent years characterized by a sequel of new all-time records, ended in 2016 with a record of 18.204. However, in 2017, the momentum was suddenly broken and the market fell down above any expectations, falling at the lowest level in this decade, at 13.500 units, down 25.8% from the previous year.
In 2018, the market kept declining. Indeed, the year ended with sales at 13.200, down 2.2% from the previous year.
In 2019, the market reports robust improvement from last year. Indeed, full-year sales have been 14.670, up 11.1%.
In Q1 2020 sales started on a slightly negative tone, with 3.509 units sold and a loss of 5.3%, but the situation got quickly worse, and First Half sales fell 26.9% with 5.379 units.
Tables with sales figures
In the tables below we report sales for the Top 10 Brands
Balaji appeared on Howard Lindzon’s Panic With Friends recently and I took a bunch of notes and wanted to share them here. As usual Balaji is going 150mph and some of his insights are pretty out there, but clearly the product of deep thought and research. So I need to review what he says multiple […]
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Nicaragua 2020. Crippled market loses 73.6% sales while underperforming for the whole year
Thursday November 12, 2020
Nicaragua vehicles market in 2020 began the year negatively but plummeted even further in Q2 and has not yet recovered effectively. Indeed, 279 units have been sold in September (-71.4%), leading Year to Date sales at 2.344 units (-73.6%). The leader Toyota still holds 23.8% of the market despite losing in double-digits as well. Economic […]
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