Azerbaijan: Passenger Car Market 2024

Passenger Car Market Size in Azerbaijan

In 2021, the Azerbaijani passenger car market increased by 53% to $X, rising for the fifth year in a row after three years of decline. Over the period under review, consumption saw a measured expansion. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in the near future.

Passenger Car Production in Azerbaijan

In value terms, passenger car production stood at $X in 2021 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 7.5%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Passenger Car Exports

Exports from Azerbaijan

In 2021, the amount of passenger cars exported from Azerbaijan surged to X units, with an increase of 258% compared with the previous year's figure. Over the period under review, exports continue to indicate a resilient expansion. The growth pace was the most rapid in 2016 when exports increased by 554%. As a result, the exports reached the peak of X units. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, passenger car exports surged to $X in 2021. Overall, exports posted a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 470%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Germany (X units) was the main destination for passenger car exports from Azerbaijan, accounting for a 56% share of total exports. Moreover, passenger car exports to Germany exceeded the volume sent to the second major destination, Georgia (X units), fourfold. The third position in this ranking was held by Russia (X units), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany amounted to +32.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Georgia (+29.2% per year) and Russia (0.0% per year).

In value terms, Germany ($X) remains the key foreign market for passenger cars exports from Azerbaijan, comprising 47% of total exports. The second position in the ranking was taken by Qatar ($X), with a 24% share of total exports. It was followed by Georgia, with a 16% share.

From 2012 to 2021, the average annual growth rate of value to Germany totaled +196.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (0.0% per year) and Georgia (+38.7% per year).

Export Prices by Country

The average passenger car export price stood at $X per unit in 2021, picking up by 30% against the previous year. Overall, the export price continues to indicate a prominent increase. The pace of growth was the most pronounced in 2015 when the average export price increased by 122%. Over the period under review, the average export prices attained the maximum at $X per unit in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Qatar ($X per unit), while the average price for exports to Turkey ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Uzbekistan (+216.8%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Azerbaijan

In 2021, overseas purchases of passenger cars increased by 70% to X units, rising for the fifth consecutive year after three years of decline. In general, imports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2018 when imports increased by 132%. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in years to come.

In value terms, passenger car imports surged to $X in 2021. Over the period under review, imports posted pronounced growth. The growth pace was the most rapid in 2018 with an increase of 90% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

Japan (X units), South Korea (X units) and the United States (X units) were the main suppliers of passenger car imports to Azerbaijan, together accounting for 57% of total imports. These countries were followed by Germany, Russia, Mexico, the United Arab Emirates, China, the UK, Turkey and Slovakia, which together accounted for a further 38%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Mexico (with a CAGR of +57.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car suppliers to Azerbaijan were Japan ($X), Germany ($X) and the United States ($X), with a combined 51% share of total imports. South Korea, the United Arab Emirates, Russia, the UK, Mexico, China, Slovakia and Turkey lagged somewhat behind, together comprising a further 44%.

In terms of the main suppliers, Mexico, with a CAGR of +47.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average passenger car import price stood at $X per unit in 2021, declining by -15.1% against the previous year. In general, the import price recorded a perceptible slump. The pace of growth was the most pronounced in 2017 when the average import price increased by 64% against the previous year. As a result, import price attained the peak level of $X per unit. From 2018 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United Arab Emirates ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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