Toyota continues to lead the new passenger vehicle sales market in Namibia, holding 48.4% of sector sales year to date, according to IJG Securities.
Suzuki, Kia, and Volkswagen follow with market shares of 6.3%, 9.2%, and 15.9%, respectively.
In the light commercial vehicle segment year to date, Toyota further solidified its dominance with 62.8% of sales, while Ford trails with 11.2%.
“Hino holds a 29.3% market share in the medium commercial vehicle class, while Toyota follows with a 23.6% share. With 27.0% of the market share thus far this year, Scania is still the market leader in the heavy and extra-heavy commercial vehicle class,” added IJG.
In September 2024, 988 new vehicles were sold, indicating a 0.8% decrease from the 996 units sold in August, and a 5.2% decrease compared to the 1,042 vehicles sold in September of the previous year.
“Thus far in 2024, 9,471 new vehicles have been sold, which is 211 units fewer than the 9,682 sold during the same timeframe in 2023,” said IJG.
Of these, 4,224 were passenger vehicles, 4,666 were light commercial vehicles, and 581 were medium- and heavy commercial vehicles.
“Over the last twelve months, a total of 12,318 new vehicles were sold by the end of September, reflecting a marginal year-on-year decline of 2.4% or 299 units from the 12,617 units sold in the equivalent period last year,” said IJG.
Meanwhile, 435 new passenger vehicles were sold in September, a 1.6% m/m decline, compared to the 520 sold in the same month last year, this represents a 16.3% y/y decline.
“Over the last four months, the downward trend in new passenger vehicle sales continues as the 12-month cumulative total fell by 9.0% y/y to 5,582. Toyota and Volkswagen dually accounted for 65.7% of the new passenger vehicles sold in September,” noted IJG.
September saw 553 new commercial vehicles sold, up 5.9% compared to the previous year but down 0.2% from the prior month.
“This amount was lower than the 583-unit monthly sales average so far this year. Of the 553 vehicles sold, 482 were light commercial, 21 were medium commercial, and 50 were heavy commercial vehicles,” said IJG.
Year-to-date, light commercial vehicle sales reached 4,666, increasing by 6.2% y/y.
Medium commercial vehicle sales totalled 174, equalling the previous year’s total sales amount, while heavy commercial vehicle sales decreased to 407, marking a 6.0% y/y decrease.
The Firm noted that there was a 2.4% y/y decline in the 12-month cumulative total vehicle sales figure, driven by the continuous decrease in demand for passenger vehicles.
“This is contrasted by a year-on-year increase in the sale of commercial vehicles. Annual vehicle sales seem to have reached somewhat of a plateau following a steady recovery post Covid-19 lows,” said IJG.
The firm noted that given the disparate recovery witnessed to date, this does not come as a surprise.
“The reacceleration of vehicle sales going forward is not a given and will be dependent on the breadth of economic recovery in the coming year. We will watch this data closely to assist our analysis of current economic conditions,” added IJG.
