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Toyota dominates local light commercial vehicle market

Toyota dominates local light commercial vehicle market

Japanese brand, Toyota retained a strong year-to-date market share of 58.5% and remains the market leader in Namibia’s light commercial vehicle segment, according to a report by the Automobile Association of South Africa.

Nissan remains in second position in the segment with 11.7% of the market, while Ford makes up third place with 9.3% of the year-to-date sales.

Meanwhile, Hino leads the medium commercial vehicle segment with 37.2% of sales year-to-date, while Scania was number one in the heavy- and extra-heavy commercial vehicle segment with 34.8% of the market share year-to-date.

The reports indicates that Volkswagen leads the passenger vehicle sales segment with 30.4% of the segment sales year-to-date, with Toyota in second place with 29.7% of the market-share as at the end of September. Kia, Mercedes, Hyundai and Ford each command around 5% of the market in the passenger vehicles segment, leaving the remaining 19.4% of the market to other brands.

The report shows that overall vehicle sales remain under pressure, with the year-to-date new vehicle sales in 2019 currently below 2010 levels, and the total new vehicle sales for the last 12 months down 10.2% from the same period in 2018.

During September 2019, 806 new vehicles were sold, representing a 0.2% m/m decrease from the 808 vehicles sold in August. Year-to-date, 7,841 vehicles have been sold of which 3,534 were passenger vehicles, 3,763 were light commercial vehicles, and 544 were medium and heavy commercial vehicles, which is the lowest year-to-date sales witnessed since 2009.

According to IJG Research, the number of vehicle sales recorded continues to decrease and any prospects of growth in the short-term remains dim.

“Latest data from the Namibia Statistics Agency recorded 2.6% contraction in the Namibian economy. As a result, we expect demand to remain subdued due to low consumer and business confidence,” IJG noted.


 

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About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

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