Exploring Hyundai’s Market Growth in the Middle East and Africa

Hyundai Motor Company is a South Korean automobile company. It was established in 1967 and has since grown to be one of the top ten automobile companies in the world today, in sales and revenue. Hyundai Motors, remains a global automotive powerhouse, has consistently redefined the driving experience since its inception. With a commitment to innovation, quality, and sustainability, Hyundai has emerged as a trailblazer in the automotive industry, captivating the hearts of drivers worldwide. Hyundai cars are known for affordability, reliability and stylish/modern designs 

Some of its most popular models are the Elantra (Avante), Tucson (it is named after a city in Arizona, USA) and Santa-Fe cars. Well for certain, North America remains its biggest market since it started manufacturing in that part of the world. It’s not uncommon to find Hyundai cars on major cities and highways on a daily basis. Hyundai is one of the leading producers of electric cars in the world, with a target to be one of the top three EV (Electric Vehicle) manufacturers by 2030. With its signature IONIQ, this intention sends a strong message to its competitors.

Yearly Sales

A quick look at this chart shows a recurring theme from sales analysis of different companies and organizations; the plunge in sales in 2020. Your guess is as good as mine… The Covid-19 pandemic. This pandemic brought about a decrease in sales all around the world which is evident from this graph.

Top 10 Hyundai Selling Models

The chart above shows the top ten Hyundai models by sales. The highest sold car is the Hyundai Avante (Elantra), it is known for its fuel efficiency and handling amongst others. 

The least sold car is the Hyundai IONIQ, this may be due to the fact that cars produced under these models are electronic/hybrid, and also expensive. The table below shows the top 10 Hyundai models by sales.

Top 10 Hyundai Models by Sales

In the year 2022, Hyundai cars experience more sales in months that are close to the end of the year. This may be due to factors like discounts on price of cars, festive season sales and tax breaks. As seen from the graph below, there was a remarkable increase in sales from October, this grew progressively to December. It may be concluded that Hyundai cars sell more in the last quarter of the year than at other quarters. A similar strong trends is obvious in its 2023 sales data to date.

On the regional scene, North America (N.A) had the most sales, with 4,539,255 sales by model. This accounts for approximately 44% of the total regional sales by model. This can be attributed to factors like market size, and its network of Hyundai dealers that is prominent in North America. Middle East and Africa come next with a total sale of 2,226,042, which is approximately 22% of the total regional sales by model. Countries like Algeria, Angola and Nigeria are some of the African countries with a robust market for Hyundai cars. 

Sales by Region

Yearly Sales in Middle East and Africa

As observed by the chart, there was a drop in sales figure in 2016. This was caused by a couple of factors including the fall in the price of oil in 2016, the devaluation of the Nigerian Naira in 2016, competition from other car manufacturers and brands. A number of Chinese brands such as Gilly can be sighted in cities like Lagos, Cairo and Nairobi. This trend will continue as more corporate organizations such as banks offer Chinese brands as status cars.

The Hyundai Motor Company plans to invest about $18 billion in manufacturing and producing Electric vehicles, this will make them one of the top three EV (Electric Vehicle) producing companies in the world. Larger amounts of funds are also going to be invested in the coming years to boost their productivity. This shows Hyundai’s commitment to enhance its productivity and delivery with optimized performance.

This analysis was done by Martins Andrew. Martins is a graduate of Statistics from University of Jos, Nigeria. He is passionate about using data to improve business decisions.