SYRIA’S AUTO MARKET SET TO TAKE OFF

Syria’s car market, particularly for new vehicles, has been in the doldrums for the past decade. This could be set to change following the overthrow of the Assad regime in late 2024, and the recent easing of sanctions by the USA and Europe. Indeed this year, the Ministry of Transport allowed the import of cars into Syria, provided they are not more than 15 years old. Historically, the car sector saw burgeoning sales from 2005 onwards, following the lifting of high import taxes, with Korean brands, particularly Hyundai and Kia, dominating sales, along with Chinese and Iranian brands. In 2022, Hyundai held a 95% market share, while Kia accounted for 3%, and Ford for 2%. The market has been limited, with only a few models available for sale. In 2023, the vehicle market in the first half of the year reported 320 sales. With the country opening up again, Syrians returning, and business bouncing back, the car market is expected to be revitalised. What are expectations for the market, for new and used vehicles, and what potential is there for EVs?