New vehicle sales surged by 20% to 905 in April 2022, compared to 755 units sold in the same period last year, latest figures show.
“New vehicle sales continue to trend above pandemic lows, with the latest data showing new vehicle sales of 905 in April 2022, compared to 1,054 in the prior month and 755 in April 2021. Monthly new vehicle sales averages 888 year to date, which is above the average of 706 in the last two years and moving closer to the long run average of 1,219. 2022 is off to a good start as new vehicle sales are trending above sales levels seen in the last three years,” Simonis Storm Economist Theo Klein said.
“We anticipate new vehicle sales to continue trending upwards as local demand remains resilient, despite Namibia being in an interest rate hiking cycle.”
Passenger and light commercial vehicles accounted for the bulk of new vehicle sales in April, accounting for 51.5% and 43.3% of total sales respectively.
“On an annual basis, passenger vehicle sales increased by 30.2% year on year, light commercial increased by 21.7% year on year, medium commercial declined by 15.0% y/y, heavy commercial increased by 12.5% y/y and extra-heavy commercial declined by 56.5% y/y in April 2022,” Klein said.
Toyota continues to be the dominating vehicle brand in the country with a 41.5% share of April sales.
“During April 2022, Toyota dominated the market in terms of new vehicle sales market share. Toyota had 41.5% market share, Volkswagen (13.5%), both Ford and KIA (6%) and both Suzuki and Nissan (5.9%). These six brands accounted for 78.8% of total vehicle sales during April 2022,” he said.
“In special cases second hand vehicle prices have surpassed prices of new vehicles due to shortages in supply. Also, average prices of spare parts and accessories and service and repair charges are trending up slightly in recent months.”
