Islamabad, Jan 14: Car sales in Pakistan surged to 9,820 units in December 2024, marking a 69% year-on-year (YoY) increase. However, sales dipped 3% month-on-month (MoM). Topline Securities attributes the MoM decline to the seasonal end-of-year effect, with buyers delaying purchases or deliveries for new year registrations.
Lower interest rates, increased consumer confidence, and the launch of new variants and models drive the YoY growth in car sales.
This positive momentum continues into the first half of fiscal year 2025 (1HFY25), with total car sales reaching 60,676 units, a 54% increase from 39,453 units in the same period of the previous year (1HFY24).
The total sales for 2024 125,050 units, a 52% increase from 82,215 units in 2023.
Sazgar Engineering Works (SAZEW) has not released its data yet, so December’s figures do not include its performance.
Suzuki Alto: Features, Price, and Everything You Need to Know
Looking at the performance of non-PAMA members, KIA Lucky Motors has seen a notable sales increase, with a 30-40% rise in 2024, expected to reach 6,500 to 7,000 units.
The overall industry car sales in 2024 are projected to be up by 51%.
When analyzing individual companies, Indus Motor Company (INDU) experienced the only MoM decline, a drop of 25% in December 2024. In contrast, all other companies reported both MoM and YoY growth in sales.
The motorcycle segment, consisting of both 2-wheelers and 3-wheelers, also showed growth with a 43% YoY increase, totaling 118,091 units in December 2024, although there was a slight 2% MoM decrease.
In the tractor industry, sales soared with a 170% YoY and 105% MoM rise, reaching 7,030 units.
Deliveries under the Green Tractor Scheme largely drove this growth.
Millat Tractors (MTL) recorded the highest sales in nearly seven years, achieving 4,686 units in December 2024, reflecting a 123% YoY and 231% MoM increase. Al Ghazi Tractors (AGTL) also performed exceptionally well, posting a 363% YoY and 17% MoM rise with 2,344 units sold in December.
The truck and bus segment saw a 84% YoY increase, although it experienced a sharp 41% MoM decline, reaching 193 units in December 2024.
Overall, the automotive market in Pakistan has shown strong recovery in recent months.
