Executive Summary
- New vehicle sales increased to 883 vehicles for February 2022 from 705 vehicles sold in January 2022. See figure 1.
- An increase in new vehicles sales for February 2022 was mainly driven by high sales of light commercial vehicles, passenger vehicles and extra heavy vehicles
- New Light commercial vehicle sales increased by 38% when compared to January 2022
- Passenger vehicle sales increased by 7% when compared to January 2022
- Extra heavy commercial vehicles increased by 34 vehicles when compared to the previous month
- A total of 1588 new vehicles were sold in the first two months of 2022
Analysis
- On an annual basis new vehicle sales recorded a growth of 5.98% from (-9.58%), (See figure 2). This was influenced by improvements in consumers’ confidence.
- Light commercial vehicle sales increased to 366 from 266 recorded for January 2022. This came as a result of an increase in commercial activities which led to a high demand at the back of the negative impact of Covid-19 pandemic on consumer spending patterns.
- The number of new passenger vehicles sold for February 2022 increased to 439 from 404 vehicles sold in January 2022. This was due to minimal improvements in income levels
- Extra heavy vehicle sales increased to 49 from 15 vehicles sold in January 2022. This was influenced by a high demand of heavy goods transportation services
Outlook
- An increase in the number of new commercial vehicles sales for February 2022 is an indication that consumer confidence is slowly returning.
- We project that new vehicle sales momentum for March 2022 will be disrupted by the global conflict between Russia and Ukraine
Figure 1: Monthly Vehicle Sales (Feb 2021 – Feb 2022), Namibia
Figure 2: Year on Year, Vehicle sales growth (February 2021-February 2022), Namibia
Outlook
- An increase in the number of new commercial vehicles sales for February 2022 is an indication that consumer confidence is slowly returning.
- We project that new vehicle sales momentum for March 2022 will be disrupted by the global conflict between Russia and Ukraine