Report by Monika Kristof
Executive summary
- A total of 891 new vehicles were sold in February 2021 which is 197 vehicles more than the vehicles sold for January 2021. See figure 1.
- An increase in the number of vehicles sold for February 2021 was driven by high sales of commercial vehicles.
- A total of 1585 new vehicles were sold in the first two months of 2021.
Analysis
- On an annual basis vehicle sales declined to (-9.58) from (-7.87) recorded for February 2020 , this was caused by both demand and supply disruptions influenced by Covid-19. See figure 2.
- Light commercial vehicles sales increased from 301 to 402 ,this was due to an increase in business operations as businesses are starting to fully operate.
- Extra heavy commercial vehicles sales increased from 19 to 55 vehicles for February 2021,this was due to increased commercial operations.
- Passenger vehicle sales increased from 355 to 409 for February 2021,this was due to an uptick in consumer confidence.
Outlook
- The increase in the number of new commercial vehicles is an indication that confidence is returning albeit at a very slow rate.
- We anticipate that new vehicle sales for March 2021 will continue with a slow upward trend.
Figure 1: Monthly Vehicle Sales (February 2020 – February 2021), Namibia
Figure 2: Year on Year, Vehicle sales growth (February 2020-February 2021), Namibia
