Report by Monika Kristof
Executive summary
- The number of vehicles sold for March 2021 increased to 908 vehicles from 891 vehicles sold for February 2021. (See figure 1).
- An increase in vehicle sales for March 2021 was driven by an increase in sales of light commercial vehicles and medium commercial vehicles .
- Passenger , heavy commercial vehicles and extra heavy commercial vehicles sales declined for march 2021 .
Analysis
- On an annual basis vehicle sales experienced growth of (2.94%) from a depressing (-6.38%) recorded for the same period last year. This was driven by the improvement in consumer confidence. (See figure 2).
- March 2021 recorded the highest number of vehicles sold during a 12 months period, this was attributed to consumers regaining confidence after the difficult 2020 and covid 19 vaccine rollouts.
- Passenger vehicles recorded the biggest drop for March 2021 from 409 to 357 vehicles ,this is due to a low demand for these vehicles which is attributed to a lack of income.
- Extra heavy commercial vehicle sales declined from 55 to 29 vehicles for march 2021 ,this was influenced by subdued activity in commercial operations.
Outlook
- The performance of vehicle sales sector for the second quarter of 2021 is expected to remain positive especially for commercial vehicles segment as operations are starting to normalize after a difficult 2020.
Figure 1: Monthly Vehicle Sales (March 2020- March 2021), Namibia
Figure 2: Year on Year, Vehicle sales growth (March 2020-March 2021), Namibia
