Toyota remains the leader in the Namibian automotive industry, accounting for 50 percent of total sales. Volkswagen follows with a meagre 11 percent of the market share, while Ford accounts for 7 percent.
Consumer demand for Toyota vehicles outperform the market, mainly due to its reliability and longevity aspects which are cheered by market participants, according to Simonis Storm Securities.
Since the start of the year, vehicle sales have fared comparative, even exceeding pre-pandemic levels. Despite the current downward trend, influenced by financial constraints of households, Simonis Storm has maintained a positive outlook for 2024. The tourism sector, fostering a preference for self-driven tours, has been pivotal to this year’s sales performance.
With rental companies poised to expand their fleets, a subsequent uplift in vehicle sales in 2024 is anticipated, the firm said.
Vehicle sales for the fourth quarter have commenced on a subdued note. In October, new vehicle sales marked the fourth consecutive month of decline, totaling only 922 units, a 12.5 percent month on month reduction, following a 4.3 percent decrease is September.
On an annual basis, vehicle sales declined by 7.5 percent year on year in October, this is the first time sales have decreased since July 2022. The October figure is the second lowest for the year, with
January recording the lowest at 807 units sold. In October, the sales performance in the automotive sector exhibited contractions both on a monthly and annual basis.
Thus far this year, sales show healthier signs of economic activity and consumption spending, having reached 10,774 vehicles, an increase of 20.7 percent from the 8929 vehicles sold between January and October in the same period in 2022.