Martin Endjala
The beginning of 2024 has witnessed a significant uptick in vehicle sales, achieving the highest January figures since 2016.
A total of 1,369 vehicles were sold, with 950 of these being new units. This marks a notable increase of 13.0 percent from December’s 841 units and a 17.7 percent increase from January of the previous year, where 807 units were sold.
A report from Simonis Storm Securities highlights this consistent growth, projecting an optimistic outlook for vehicle sales in 2024.
The data reveals that rental agencies contributed to this surge by purchasing 41 vehicles, including a mix of 10 Toyota Corolla Quests, 25 VW Polo Vivos, five Toyota Hiluxes, and one Toyota Quantum.
This accounts for 4.3 percent of the total sales in January 2024, up significantly from just three units in December 2023, indicating a buoyant tourism sector and a trend towards self-drive tourism experiences.
Commercial vehicles, particularly light commercial ones, have been the main drivers of this annual sales increase, making up 50.5 percent of all units sold.
The segment saw a growth of 44.1 percent, with 444 new light commercial vehicles sold. Additionally, the sales included 20 medium commercial vehicles, nine extra heavy commercial vehicles, five heavy commercial vehicles, and two buses.
On the other hand, passenger vehicles, which comprised 49.5 percent of the total with 470 units sold, experienced a slight decline of 0.8 percent in January 2024.
Toyota led the market with 445 vehicles sold, securing a dominant 46.8 percent market share. The Toyota Hilux was a significant contributor to this success.
KIA followed with an 8.1 percent market share, primarily due to the KIA Sonet, while Volkswagen captured an 8.0 percent share with the VW Polo Vivo being particularly popular.
The average suggested retail prices for these leading models were N$658,996 for the Toyota Hilux, N$291,520 for the VW Polo Vivo, and N$395,995 for the KIA Sonet, reflecting the diverse market offerings and consumer preferences.
According to the report, good sales performance early in the year sets a positive tone for the vehicle market in 2024, with expectations of further growth and diversification in the sector.
