Tourism boom in the Canary Islands: New car sales for record course!

Tourism boom in the Canary Islands: New car sales for record course!

Kanarische Inseln, Spanien - In the Canary Islands, sales in the car market show a positive development, especially in the new car sector. LoudTenerife NewsIn the period from January to the end of April 2023, the new registrations rose by 7.8 percent to a total of 24,089 vehicles. This is mainly due to the boom in the tourism sector, since the sales to car rental companies increased by an impressive 57.29 percent during this time.

In contrast, the private market for cars and off -road vehicles recorded declining numbers. Sales to private customers fell on average by 13 percent over three months. This development is partly due to the general reluctance of consumers in the face of increasing interest and inflation, which leads to a reduced willingness to buy. Nevertheless, the industry benefited as a whole from government incentives for fleet renewal, which led to an increase in investments by 26 percent in April.

Dynamics in the used car market

The used car market in the Canary Islands is dynamic in the same period. Between January and April 2023, 39,361 vehicles changed owners, which corresponds to an increase of 31.39 percent compared to the same period last year. Almost 60 percent of the privately purchased used cars are older than ten years, which increases the average age of the approved vehicles for 14.5 years. Compared to other regions, the proportion of older cars is significantly high.

Another interesting aspect is the development of the drive types. While the sales of diesel vehicles fell significantly by 32.68 percent and whose market share fell below three percent, the demand for petrol engines increased by 10.63 percent. Hybrid vehicles play a central role in the change towards more efficient and more environmentally friendly drives. In contrast, pure electric cars only have a low increase in sales by eight percent, due to high prices, insufficient charging infrastructure and lack of funding.

The improved delivery times for new cars are also likely to contribute to stability in the market, but the private sales sector remains challenged. The figures make it clear that despite a positive trend in the new car area, the declines in private sales and the challenges of electric vehicles continue to represent significant topics for the industry.