Ukrainians have increased their spending on new passenger cars by 21% compared to last year, totaling over UAH 93 billion from January to September 2024. This significant rise is largely concentrated on five major car brands, with Toyota leading the market.
Key Highlights
- Total Spending: Over UAH 93 billion on new passenger cars.
- Growth Rate: 21% increase compared to the previous year.
- Top Five Brands Account for Half: Approximately half of the total spending was on five car brands.
Top Five Bestselling Car Brands
1. Toyota
- Sales Revenue: Nearly UAH 14 billion.
- Market Position: Toyota remains the preferred choice among Ukrainian consumers, topping the sales chart.
2. BMW
- Sales Revenue: UAH 12.3 billion.
- Market Influence: The premium German brand secures the second spot, reflecting a strong demand for luxury vehicles.
3. Mercedes-Benz
- Sales Revenue: UAH 6.9 billion.
- Market Standing: Another leading German luxury brand, maintaining a significant presence in the Ukrainian market.
4. Volkswagen
- Sales Revenue: UAH 6.6 billion.
- Consumer Base: Volkswagen continues to appeal to a wide range of consumers with its diverse lineup.
5. Renault
- Sales Revenue: Over UAH 4.7 billion.
- Market Contribution: Rounding out the top five, Renault dealers have seen substantial earnings.
Industry Insight
According to Ukravtoprom, the Ukrainian Motor Vehicle Manufacturers Association, the increased spending indicates a robust recovery and growth in the automotive sector.
An Ukravtoprom representative commented:
"The 21% increase in spending on new passenger cars demonstrates the resilience of the Ukrainian automotive market and the growing consumer confidence in the economy."
Economic Impact
- Market Recovery: The surge in car purchases signifies a positive trend in consumer spending.
- Luxury Market Growth: High sales of premium brands like BMW and Mercedes-Benz suggest an increasing demand for luxury vehicles.
Conclusion
The substantial growth in new car sales not only highlights the preferences of Ukrainian consumers but also signals a strengthening economy. With leading global brands capturing significant market shares, the Ukrainian automotive market is poised for continued growth.
