Namibia’s vehicle sales increased by 17% in 2023 to 12,775 units compared to 10,919 units sold in 2022, according to latest data.
This marks the highest total of new vehicles sold in the country since 2017.
During the year, December 2023 witnessed a downturn, with a year-on-year decline of 11.7% and a month-on-month drop of 28.2%, totalling 841 units.
Cirrus Capital reports that despite the overall dip in December, the Toyota Hilux maintained its position as the best-selling vehicle, with 196 units sold and contributing 20.3% of overall sales for the year.
Passenger vehicles experienced a 15.5% year-on-year sales slump and a 25.0% month-on-month decline.
Commercial vehicles also faced challenges, with a 7.4% year-on-year decrease and a significant 31.2% month-on-month drop.
“Passenger vehicles recorded 6,261 units for CY ’23, a 12.3% increase from CY ’22 while commercial vehicles recorded 6,514 units sold with growth of 21.9% from the previous year. However, Q4 ’23 sales contracted by 13.9% from the previous quarter,” said Cirrus.
Simonis Storm Securities noted that the total sales volume is particularly notable as it represents the highest total of new units sold since 2017.
“Majority of vehicles sold in 2023 were commercial vehicles, therefore the resilience of commercial vehicle sales in such challenging economic conditions may indicate a robust underlying demand within certain sectors of the economy, potentially driven by factors such as increased commercial activities or infrastructural developments,” said the firm.
In December 2023, the automotive market in Namibia experienced varied trends across different vehicle categories. The sales of new passenger vehicles exhibited a decline, with 426 new units being sold.
According to Simonis, this represents a decline from the 566 units sold in November 2023 and the 504 units sold in December 2022.
Meanwhile, the sales of light commercial vehicles remained relatively stable, albeit with a slight decrease as December 2023 saw 371 units sold, a marginal reduction from the previous year by just two units.
Simonis noted that the Toyota Hilux retained its status as the most popular vehicle in December 2023, with sales reaching 196 units.
“This was followed by the Ford Ranger and Toyota Fortuner, each registering sales of 40 units. The Toyota Corolla Cross and the KIA Sonnet also showed strong performances, with sales of 37 units and 36 units respectively,” highlighted the firm.
Simonis Storm further noted that this distribution of sales across various models reflects the diverse preferences of the Namibian market.
