PAMA reports over 18% decline in car sales in Pakistan for FY24

Car sales in Pakistan experienced a significant decline of 18.2 per cent during the fiscal year 2023-24, as reported by the Pakistan Automotive Manufacturers Association (PAMA).

The total number of vehicles sold dropped to 103,826 units, down from 126,878 units in the previous fiscal year.

Despite the annual drop, June 2024 brought a surprising surge in car sales. The month saw a remarkable 120.2 per cent increase, with 13,284 units sold compared to just 6,033 units in June 2023.

This spike also represented a 21.3 per cent increase from the 10,949 units sold in May 2024, indicating a potential recovery in the market.

However, the overall picture for the year was less optimistic. Passenger car sales decreased by 15.7 per cent year-on-year, with 81,577 units sold compared to 96,811 units in the previous year. The production of passenger cars also saw a decline, with only 79,573 units produced in FY24, a 22.0 per cent drop from the 101,984 units manufactured last year.

Diving deeper into the data, the ‘Below 1000cc’ category led the market with 38,657 units sold in FY24. Within this category, the Suzuki Alto was the star performer, with an impressive 35,883 units sold. The Suzuki Bolan followed with 2,774 units.

The ‘1300cc and Above’ category also saw substantial sales, with 35,447 units sold. Toyota (Corolla & Yaris) dominated this segment, selling 16,305 units.

Honda Cars (Civic & City) came next with 11,501 units, followed by Suzuki Swift with 5,567 units, and Hyundai Elantra with 1,193 units.

A total of 7,473 units were sold in the 1000ccc segment in FY24. The Suzuki Cultus led this category with 3,878 units, while the Suzuki WagonR followed with 3,595 units.

These statistics reveal a complex and shifting landscape in Pakistan’s automotive market. While the year saw a notable decline in sales and production, the significant surge in June suggests that the market might be on the path to recovery.

For industry stakeholders and consumers alike, these trends will be crucial to watch in the coming months.