Report by Monika Kristof
Executive summary
- New vehicle sales for Namibia increased to 767 for September 2021 from 764 vehicles sold for August 2021. See figure 1
- An increase in new vehicles sales for September 2021 was driven by high sales of extra heavy vehicles and passenger vehicles
- On a 12 months cumulative basis between September 2020 to September 2021, a total of 10045 new vehicles were sold for Namibia compared to 9021 vehicles sold for the same period last year. This indicates a marginal improvement in consumers and businesses confidence in the market.
Analysis
- On an annual basis vehicle sales experienced a growth from (-25.4%) to (18.1%). This was due to the base effects of Covid-19 restrictions. See figure 2
- Passengers vehicle sales increased to 380 from 340 vehicles sold for August 2021. This came as a result of improvements in retail trade.
- The number of extra heavy vehicles sold for September 2021 increased to 58 from 44 vehicles sold for August 2021. This was influenced by a high demand for material transportation services.
- Light commercial vehicle sales declined to 304 from 354 recorded for August 2021 as a consequence of subdued light commercial operations
Outlook
- Improvements in the sales of new vehicles indicates that individuals and businesses confidence to purchase new vehicles is returning albeit at a very slow pace
- We expect new vehicle sales for October 2021 to continue with a modest upward trend.
Figure 1: Monthly Vehicle Sales (September 2020 – September 2021), Namibia
Figure 2: Year on Year, Vehicle sales growth rate (September 2020- September 2021), Namibia
