Namibia’s vehicle sales for March 2024 reached 1,451 units, marking the highest sales since July 2016, when 1,540 units were sold, a report released by Simonis Storm reveals.
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.
“Vehicle sales were primarily driven by commercial vehicles. 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,” says Simonis Storm.
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-over-year increase.
“However, the picture varies across different categories of commercial vehicles. Medium commercial vehicles saw a decline, with only 20 units sold, representing a contraction of 13.0% year over year. On the other hand, heavy commercial vehicles experienced positive growth of 280.0% y/y, with 19 new units sold. Extra-heavy commercial vehicles, in contrast, contracted by 12.5% year over year, while buses witnessed a significant decline of 66.7% in March 2024.
“Passenger vehicles, constituting 43.1% of total vehicle sales, saw an increase in March 2024, with 625 new units sold, the highest figure since July 2023. This surge in passenger vehicle sales may indicate rising consumer confidence and suggest economic expansion, despite prevailing high interest rates and inflationary pressures, pointing to a sustained momentum in new vehicle sales.”
Within the light commercial vehicle segment, the Toyota Hilux maintained its position as the most popular choice. In the medium commercial vehicle category, the Hino 300 series stood out, while the Hino 500 series led in heavy commercial vehicles. Extra-heavy commercial vehicles were dominated by the Man TGS, and Scania Bus emerged as the preferred option among buses. For passenger vehicles, the Toyota Fortuner remained a top choice among consumers.