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Demand for new vehicles drop in April

Demand for new vehicles drop in April

By Michel Haoses

Research and investor firm, IJG recently released a new vehicle sales in April report, revealing that a total of 899 new vehicles were sold, a decline from the 1,451 vehicles that were sold in March and 9.1% less than the 989 sold in April last year.

According to the IJG report, year-to-date (YTD) 4,356 new vehicles have been sold of which 1,927 were passenger vehicles, 2,200 were light commercial vehicles, and 229 medium and heavy commercial vehicles compared to the 4,077 new vehicles were sold in April 2023.

On a 12-month cumulative basis, a total of 12,808 new vehicles were sold at the end of last month, representing a 13.2% y/y increase from the 11,316 sold over the comparable period a year ago.

A total of 411 passenger vehicles were sold in April, 9.5% less than the 454 vehicles sold in April last year and a 34.2% m/m decrease from the high sales figure recorded in March 2024.

On a 12-month cumulative basis, new passenger vehicles rose to 5,953, up 5.8% y/y from the 5,625 sold over the corresponding period with Toyota and Volkswagen’s sales accounting for 56% of new passenger vehicles sold in April.

Toyota retained its lead in the new passenger vehicle sales segment, claiming 45% of the sales YTD, followed by Volkswagen with a 17.6 market share in addition, Kia slightly increased its market share to 10.3%, leaving the remaining 26.6% of the market share to other brands.

New commercial sales totalled 488 in April, decreasing by 40.9% m/m basis and 8.8 y/y compared to the 826 new commercial vehicles sold in March.

Light, medium, and heavy commercial vehicles were down by 8.3% y/y, 41.2%y/y, and 2.2 y/y respectively, however, on a 12-month cumulative basis vehicle sales were up 22.6%, with medium commercial vehicle sales by 7.5% down and heavy commercial vehicle 12.3% y/y up over the corresponding period a year ago.

Additionally, Toyota also leads the light commercial vehicle segment with 64.5% of the year-to-date sales, followed by Ford with 10% and Nissan with 4.7%.

In the medium commercial vehicle sector, Toyota secured 29.2 of the market share, surpassing Hino who owns 27.7% of the market share while Scania secured 22.6% of the YTD sales in the heavy and extra heavy commercial segment, closely followed by Volvo Trucks with 21.3% of the market share.


 

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