New vehicle sales registered a strong start to the year with commercial vehicles leading the overall new vehicle sales in February, with 606 units sold compared to 511 passenger vehicles.
According to a report by IJG Securities, the 1 117 new vehicles sold in February, represent a 15.6% month-on-month (m/m) increase from the 966 units sold in January, and the marginal upward trend is likely to be further supported by the current low-interest rate environment.
“Year on year (y/y), new vehicle sales were up by 1.7%, compared to the 1 098 units sold in February 2024, and on a year-to-date (YTD) basis, new vehicle sales grew by 3.8% y/y to 2 083, the highest sales figure for the first two months of the year since 2016,” says the IJG analysis.
The report notes that light commercial vehicles were the top-selling category for the month, with 540 units sold.
“This, however, represents a 5.6% y/y decrease in sales compared to February 2024. On a 12-month cumulative basis, new vehicle sales experienced modest growth of 1.8% y/y to 12 885,” IJG says.
The report further notes that the 511 new passenger vehicles sold during February reflect a 9.0% m/m increase, and a 10.4% y/y rise compared to the 463 units sold in February 2024.
YTD, new passenger vehicle sales reached 980 units, marking a 10.0% y/y increase from the 891 units sold during the same period last year.
“On a 12-month cumulative basis, sales of new passenger vehicles totalled 5 873 units, a slight decline of 1.0% y/y,” the analysts say, adding that the 606 new commercial vehicles sold marked a 21.9% m/m increase from the 497 units sold in January.
“This also represents the highest monthly number of units sold since October 2024 although new commercial vehicle sales were down 4.6% y/y compared to the 635 units sold in February 2024.
“Light commercial vehicles reached 540 units, up 16.6% m/m from the 463 units sold in January, while 25 units of medium commercial vehicles were sold, reflecting a 25.0% m/m increase and substantial 66.7% y/y rise,” IJG says.
In contrast, heavy commercial vehicle sales declined by 14.6% y/y, to 41 units, yet reflects a significant improvement from the 14 units sold in January.
On a 12-month cumulative basis, light commercial vehicle sales were up 4.6% y/y, and medium commercial vehicle sales increased by 6.9% y/y.
Heavy commercial vehicle sales were, however, slightly down 0.7% y/y over the corresponding 12-month cumulative period a year ago.
Looking at the market share, IJG says Toyota continues to lead the YTD sales in both the passenger and light commercial vehicle segments.
In the passenger vehicle segment, Toyota holds a 50% market share, while retaining a 66% share in the light commercial vehicle segment.
Volkswagen secured the second-largest share in the passenger segment with a 15.5% market share, while Ford took 12.5% of the light commercial segment.
In the medium commercial vehicle segment, Toyota led with a 40% share of total sales, while Hino and Mercedes-Benz both captured 20% of the medium commercial vehicle sales, and in the heavy and extra-heavy commercial vehicle segment, FAW and Hino secured a 24% share of sales.
“Scania followed closely with a 20% share, while Volvo trucks accounted for 12% of total sales,” notes IJG.
– email: matthew@namibian.com.na
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