Executive summary
- New vehicle sales increased to 1051 vehicles for August 2022 from 677 vehicles sold in July 2022. See figure 1.
- An increase in new vehicle sales for August 2022 was mainly driven by high sales of light commercial vehicles, passenger vehicles, and extra heavy vehicles
- Light commercial vehicle sales increased by 74% in relation to July 2022.
- Passenger vehicle sales increased by 35% when compared to July 2022.
- New extra vehicles sold increased from 9 to 33 vehicles sold in July 2022
- A total 10645 of vehicles were sold between August 2021 and August 2022
Analysis
- On an annual basis, new vehicle sales increased by 37.5%, (See figure 2). This is could be influenced an upturn in demand as businesses and consumer confidence returns
- Light commercial vehicle sales increased to 465 from 266 vehicles sold in July 2022. This could have resulted from a rebound in light commercial activities especially improved sales in the travel and retail sectors at the back of the overall recovery in the sectors
- Passenger vehicle sales increased from 382 to 519 recorded in August 2022. This could be influenced by an improvement in income levels which resulted in improved consumers’ confidence
- Extra heavy vehicle sales increased to 33 from 9 vehicles sold in July 2022. This could be attributed to a higher demand for heavy good transportation services as the country remains heavily reliant on road freight
Outlook
- We project new vehicle sales momentum for August 2022 to continue on a modest upward trend
Figure 1: Monthly Vehicle Sales (August 2021 – August 2022), Namibia
Figure 2: Year on Year, Vehicle sales growth (August 2021- August 2022), Namibia
