Latest data indicates that the combined sales of Toyota and Volkswagen accounted for a commanding 73.1% of the new passenger vehicle market in Namibia last month.
A total of 625 new passenger vehicles were sold in March, marking a significant 35% increase from the previous month and an 11.4% year-on-year rise.
According to IJG Securities, Toyota has extended its lead in the passenger vehicle sales segment, boasting a year-to-date market share of 46.4%. Volkswagen trails in second place with 18.6% of the market share, followed by Kia at 9.9%.
“The top three were trailed by Suzuki and Haval, holding 6.6% and 3% of the market respectively, leaving the remaining 15.5% of the market to other brands,” the firm noted.
In the first quarter, 1,516 new passenger vehicles were sold, representing a slight decrease of 2.82% or 44 units compared to the 1,560 sold in the same period last year.
“On a 12-month cumulative basis, new passenger vehicle sales rose to 5,996, a 6.7% year-on-year increase from the 5,617 sold over the corresponding period a year ago,” IJG stated.
In March 2024, vehicle sales reached 1,451 units, marking the highest sales since July 2016, when 1,540 units were sold.
Halleluya Ndimulunde, a researcher at Simonis Storm, revealed that out of the 1,451 units sold in March 2024, 1,269 were sold to dealerships, 182 to rental agencies, and none to the government.
“While the first quarter of 2015 holds the record for the highest vehicle sales, the first quarter of 2024 outperformed any first quarter since 2016, with a total of 3,503 units sold, representing an 11.8% increase compared to the same period last year,” she said.
Meanwhile, vehicle sales were primarily driven by commercial vehicles.
“In March 2024, a total of 826 commercial vehicles were sold, comprising 56.9% of total vehicle sales, marking the highest sales figure since August 2016. The surge in sales can primarily be attributed to light commercial vehicles, which experienced a remarkable 29.5% year-on-year increase,” Ndimulunde added.
However, there was variation across different categories of commercial vehicles. Medium commercial vehicles experienced a decline, with only 20 units sold, representing a contraction of 13.0% year-on-year.
“On the other hand, heavy commercial vehicles experienced positive growth of 280.0% year-on-year, with 19 new units sold. Extra heavy commercial vehicles, in contrast, contracted by 12.5% year on year, while buses witnessed a significant decline of 66.7% in March 2024,” Ndimulunde added.
