Overview of Jordan’s Automobile Market in 2021

Jordan's vehicle sales in 2021 increased by 1.3% year-on-year to 29,679 units, remaining nearly at the same level as the previous year. However, the number of automobiles sold in the first quarter of 2022 was 7,440 units, down 5.6% from the same period of the previous year. Toyota, the leading automaker in Jordan, increased 12.2% to 11,577 units and its market share was 39.0%. Meanwhile, the market share of Hyundai, ranked second, was 17.6% in 2021. The South Korean automaker sold 5,223 units, an 11.1% increase compared to 2020.

Jordan: Recent Developments

Market Trends

・Vehicle sales in 2021 reached 29,679 units, up 1.3% from the previous year. ・Sales in the first quarter of 2022 decreased 5.6% year-on-year to 7,440 units. ・According to local news reports, the number of BEVs sold in Jordan is expected to increase sharply in 2022, going up 40% year-on-year. - Imports from China are increasing. HEV import tariffs raised from 45% to 55% in early 2022. Import tariff rate on BEVs is 10%. - According to ICCT data, the share of BEVs in Jordan’s passenger car market is over 1%. Around 200 units are estimated to be sold annually.

Policy Trends

・In June 2022, the government announced the "Economic Modernization Vision," which indicates medium- to long-term economic guidelines and processes. - The goal is to increase international competitiveness over the next 10 years, raise per capita real income by 3% annually, and create 1 million jobs. - The budget is set at 41.4 billion JOD. The idea is that more than 70% will come from foreign investment and contributions from the private sector.

Economic Trends

・The real GDP growth rate in 2021 was 2.2% year-on-year. The growth forecast for 2022 is 2.1% (World Bank, as of Apr. 2022).

---