Toyota maintained its stronghold in the Namibian new passenger vehicle sales market for 2024, capturing a dominant 49% market share, latest data from IJG Securities reveals.
According to IJG Securities, Volkswagen followed as the second-largest player, capturing a 15% share of the market.
“In 2024, Toyota maintained its dominance in light commercial vehicle sales with a market share of 64%. Hino led the medium commercial vehicle segment, capturing 27% of the market, closely followed by Mercedes and Toyota with shares of 24% and 22%, respectively,” noted the firm.
Furthermore, in the heavy and extra-heavy commercial vehicle category, Scania accounted for 29% of total market sales, while Volvo Trucks secured 13%.
Meanwhile, the total vehicle sales for December amounted to 1,100, showing a marginal 0.46% increase from the 1,093 units sold in November.
“The positive year-on-year change of 34.4% reflects a substantial increase in total vehicle sales from the previous year’s December. Furthermore, the 2024 total of 12,808 for new vehicle sales includes 5,784 passenger vehicles, 6,242 light commercial vehicles, 237 medium commercial vehicles, and 545 heavy commercial vehicles,” said IJG.
In December, a total of 512 passenger vehicles were sold, representing a 25.8% y/y increase. However, the observed month-on-month change in passenger vehicles sold shows a 4.1% decline from the 534 units sold in November.
“For 2024, passenger vehicles totalled 5,784 units, reflecting a 4.2% y/y decrease compared to the 6,040 units in the previous year. Toyota and Volkswagen prevail as the dominant leaders in the market, contributing an overall of 67.8% to new passenger vehicle sales in December,” noted the firm.
During the month, a total of 588 new commercial vehicles were sold, boasting a 42.7% y/y rise and a more modest month-on-month increase of 5.2%.
“The total number of new commercial vehicles sold slightly exceeds the current year’s monthly average of 585 units,” said IJG.
Light commercial vehicles dominated commercial vehicle sales in December, with 525 units sold, followed by heavy commercial vehicles, which recorded 43 sales, and medium commercial vehicles, with 20 units sold.
During 2024, light commercial vehicle sales amounted to 6,242, reflecting a 9.1% y/y increase compared to the same period last year.
Medium commercial vehicles reached 237, slightly exceeding last year’s total of 233 units.
During the year, IJG observed that heavy commercial vehicle sales reached 545 units, reflecting a 2.3% increase compared to December of the previous year.
