Executive summary
- New vehicle sales increased to 872 vehicles for June 2022 from 767 vehicles sold in May 2022. See figure 1.
- An increase in new vehicle sales for June 2022 was mainly driven by high sales of medium commercial vehicles and light commercial vehicles
- Medium commercial vehicle sales increased by 44% in relation to May 2022
- New light commercial vehicle sales increased by 22% when compared to May 2022
- Passenger vehicle sales declined by 5% in relation to May 2022
- A total of 5186 vehicles were sold during the first half of the year 2022.
Analysis
- On an annual basis, new vehicle sales increased by 3.4%, (See figure 2). This is could be influenced by improvements in consumer confidence albeit at a slow pace
- Light commercial vehicle sales increased by 376 from 309 recorded in May 2022
- Medium commercial vehicle sales increased to 13 vehicles from 9 vehicles that were sold in May 2022. This could be attributed to an upturn in commercial operations
- Extra heavy vehicle sales increased to 37 from 34 vehicles sold in May 2022. This could be influenced by an increase in demand for heavy goods and transportation services. This reflects the continuous dependence of the Namibian economy on road freight.
Figure 1: Monthly Vehicle Sales (June 2021 – June 2022), Namibia
Figure 2: Year on Year, Vehicle sales growth (June 2021- June 2022), Namibia
Outlook
- We project that new vehicle sales for July 2022 will continue on a modest upward trend.