950 new vehicles were sold in January, marking a 13% month-on-month and 17.7% year-on-year increase from December 2023 and January 2023, respectively according to latest data shared by Simonis Storm.
“Given this consistent upward trend, there is an optimistic outlook for vehicle sales in 2024, with expectations of further improvements,” said Simonis Storm.
Toyota emerged as the undisputed leader in the market, commanding a commanding 46.8% share with 445 vehicles sold. KIA followed suit, capturing an 8.1% market share, with the KIA Sonet proving to be a crowd favorite. Volkswagen closely trailed, claiming an 8.0% share, with the VW Polo Vivo shining as its standout model.
“On average, the suggested retail prices for these models stood at N$658,996 for the Toyota Hilux, N$291,520 for the VW Polo Vivo, and N$395,995 for the KIA Sonet.”
The backbone of this surge lies in commercial vehicles, which spearheaded the annual sales increase, constituting 50.5% of the total units sold. Within this category, light commercial vehicles emerged as the driving force, with 444 new units finding their way into buyers’ hands.
Medium commercial vehicles followed with 20 units, while extra heavy commercial vehicles, heavy commercial vehicles, and buses contributed to the landscape.
Conversely, passenger vehicles, representing 49.5% of total sales, experienced a marginal decline of 0.8% year-on-year in January 2024, with 470 units sold.
The report further highlights that out of the 950 new units sold in January 2024, rental agencies procured a total of 41 vehicles. This marks a 4.3% share of the total units sold, indicating a rising trend in tourists opting for self-driving experiences.
In contrast, neighbouring South Africa saw a sluggish start in new vehicle sales in January 2024, with 41,636 new units sold, marking a 3.8% year-on-year decrease but showing a 3.2% month-on-month increase.
“The National Association of Automobile Manufacturers of South Africa (NAAMSA) attributed this decline to significant economic challenges persisting from 2023.
Nonetheless, amidst the downturn, the Toyota Hilux led the charts in January, closely followed by the VW Polo Vivo and Ford Ranger.”
