Namibia: New Vehicle Sales Show Ongoing Decline in Passenger and Commercial Demand

Research and investment company IJG recently released its new vehicle sales analysis report which shows that 995 new vehicles were sold in August, an 8.2% y/y decrease compared to last year and a 14.3% m/m decline from the 1,161 units sold in July.

The report revealed that year-to-date (YTD) 8,472 new vehicles have been sold, 168 less than the 8,640 sold during the same period in 2023. A total of 12,361 vehicles were sold over the past 12 months by the end of August, although this figure has declined by 214 units from the 12,575 sold in the corresponding period last year.

From the total ytd vehicles sold, 3,778 were passenger vehicles, 4,184 were light commercial vehicles, and 510 were medium and heavy commercial vehicles.

A total of 441 new passenger vehicles were sold in August, representing a 20.3 m/m decline from the revised July figure and an 11.1% drop compared to the same period last year.

The passenger vehicles sales continued to decline resulting in the 12-month cumulative total falling by 7.3% y/y to 5,656. Toyota and Volkswagen’s sales accounted for 65% of the new passenger vehicles sold in August, although both saw more than 20% m/m decline in sales.

In the commercial vehicle segment, sales totaled 554 in August, a decline of 8.9% m/m and 5.8% y/y. Light commercial vehicle sales fell by 3.4% y/y, heavy commercial vehicle sales declined by 44.6% y/y while medium commercial vehicle sales surged by 114.3% y/y.

Furthermore, 30 new medium commercial vehicles were sold during the month, the highest monthly figure since January last year. On a twelve-month cumulative basis, light commercial vehicle sales are up 5.5% y/y while medium commercial and heavy commercial vehicle sales are down 13.3% y/y and 8.1% y/y over a year ago respectively.

Toyota continued to lead the light commercial vehicle segment, claiming 62.7% of the sales YTD, followed by Ford with 11.2% and Volkswagen with 5.1%.

Meanwhile, Hino retained the top spot in the medium commercial vehicle segment with a 29.4% market share. Scania continues to lead the heavy and extra heavy commercial segment with 28.3% of the sales YTD.

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