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Automotive Report Iran

  • ID: 2138418
  • Report
  • Region: Iran
  • 12 Pages
  • The Economist Intelligence Unit
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Iran has the largest automotive industry in the Middle East, and it is the country's second-largest economic sector (after oil and gas), currently accounting for 10% of GDP and 4% of employment. It has been deemed a priority industry by the Iranian government over the past 15 years and was growing strongly until it went into a dramatic slump in 2012 as Iran's nuclear ambitions prompted international sanctions.

In January 2016 most sanctions were lifted after Iran struck a landmark nuclear deal, the Joint Comprehensive Plan of Action (JCPOA), with the world's major powers. With GDP growth accelerating, Iran's vehicle production recovered strongly to reach 1.5m units in 2017. In May 2018, however, the US president, Donald Trump, unilaterally withdrew his country from the JCPOA. Although the EU intends to continue with the deal, the future for the Iranian economy is now unclear. Real GDP growth, which measured 3.5% last year, is expected to slow to 1.9% in 2018. The Economist Intelligence Unit then forecasts that the economy will contract in 2019-20 and grow only weakly in 2021-22.

The new car market rebounded strongly in 2016-17 after a highly volatile period in 2010-15, with sales hitting a record of 1.5m last year. Sales will decline in 2018-20 as a result of the US withdrawal from the JCPOA. In the final two years of our 2018-22 forecast period, growth will return but it will be slow. We expect car sales to record annual average growth of -6.3% in 2018-22.

Industry List: Automotive, Automotive, Commercial and other vehicles, Automotive, Fuel sources, Automotive, Passenger vehicles, Automotive, Production
Industry Codes (NAIC): 336
Industry Codes (SIC): 37
Note: Product cover images may vary from those shown
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Automotive Report Iran

Automotive report: Overview

Automotive report: Passenger cars

Automotive report: Commercial and other vehicles

Automotive report: Production

Automotive report: Fuel sources
Note: Product cover images may vary from those shown
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