Morocco Achieves Stability with Over 160,000 New Vehicles Sold in 2023
Despite confronting economic challenges in 2023, Morocco's auto industry demonstrated remarkable resilience by maintaining sales figures comparable to the previous year, as disclosed in data unveiled on Monday by the Association of Vehicle Importers (AIVAM).
AIVAM President, Adil Bennani, revealed during a press conference in Casablanca that 161,504 new vehicles were sold in Morocco last year, reflecting a marginal 0.1% increase from 2022. The sales of passenger cars experienced a modest uptick, reaching 145,292 units, while light commercial vehicle purchases saw a slight dip to 16,212.
"Given the intricacies of the macroeconomic environment and its dampening effect on demand, the overall stability witnessed in these sales figures is indicative of the gradual recovery underway in the auto supply sector," remarked Bennani.
Despite facing challenges such as surging inflation, declining economic fortunes, rainfall shortages, and reductions in consumer spending, the auto industry managed to achieve minimal growth. This resilience underscores the fundamental strength of Morocco's car market.
Bennani, however, issued a cautious note regarding the uncertainties introduced by the challenging economic climate. "We cannot take future growth for granted," he warned. "The persistent weakness in demand, coupled with lingering supply issues, may lead to potential declines."
Nevertheless, the Moroccan auto sector has proven its resilience in navigating through economic storms. With appropriate policy responses, there is a possibility that the nascent recovery could gain momentum in the upcoming year.