Report by Monika Kristof
Executive summary
- New vehicle sales for Namibia declined to 714 for October 2021 from 767 vehicles sold in September 2021. See figure 1
- A drop in new vehicles sold for October 2021 was on the back of a dip in sales of passenger vehicles and extra heavy vehicles
- On a 12 months cumulative basis between October 2020 to October 2021, a total of 9885 new vehicles were sold for Namibia compared to 8774 vehicles sold for the same period last year. This translated into a growth of 13%
Analysis
- On an annual basis vehicle sales experienced a growth from (-20%) to (12%). The growth in the vehicle sales sector came as a result of improvements in individuals and businesses confidence in the roll-out of vaccines. See figure 2
- Passengers vehicle sales declined to 356 from 380 vehicles sold for October 2021. This was influenced by seasonality in spending patterns.
- The number of extra heavy vehicles sold for October 2021 declined to 35 vehicles from 58 vehicles sold for September 2021. This was influenced by a low demand for heavy material transportation services
- Light commercial vehicle sales declined to 295 from 304 recorded for September 2021 as a consequence of restrained light commercial operations
Outlook
- New vehicle sales sector appears to have stabilized in relation to the Covid 19 period. There seems to be an appetite for second hand vehicles as price consideration is becoming a determining factor.
- We expect new vehicle sales for the last two months of 2021 to be in a modest upward trend as we are approaching the festive season.
Figure 1: Monthly Vehicle Sales (October 2020 – October 2021), Namibia
Figure 2: Year on Year, Vehicle sales growth rate (October 2020- October 2021), Namibia
