Rabat – Morocco’s automobile market has continued to slide throughout 2024, with new car sales dipping slightly by an annual 0.71% at the end of April.
The latest data from the Association of Automobile Importers in Morocco (AIVAM) shows that despite adverse market conditions, the number of new cars sold held steady at 48,948 in the first four months of 2024.
Breaking down the numbers by segment, the data reveals a 3.08% drop in new registrations of passenger vehicles (PV), totaling 43,647 units.
Meanwhile, sales of light commercial vehicles (LCV) surged by 24.29% to reach 5,301 units.
This comes as premium vehicles, brands such as Audi, BMW, and Mercedes-Benz, continue to assert their dominance, maintaining solid market shares despite the overall decline in demand.
While the demand for new vehicles took a downward trajectory at the beginning of 2024, last month was an exception to the trend. Sales at the end of April rose by an annual rate of 6%, suggesting a potential gradual recovery.
This drop in car sales in Morocco coincides with the tightening monetary policy in the country that is expected to drive consumers out of the market. As of April 2024, the central bank interest rates in Morocco remain at a 14-year-high of 3%.
However, there have been reports in recent months indicating that the national purchasing power is showing strong signs of recovery.
Last month, Morocco’s High Commission for Planning (HCP) released a report showing that domestic demand in the country bounced back at the end of 2023, growing by 8.1%, up from 1.6% a year earlier.
Read Also: HCP: Domestic Demand Rebounds by 8% in Morocco at the End of 2023
