Namibia’s new vehicle sales booming
A total of 891 new vehicles sales recorded in February, up by 11.7% year-on-year and 28.4% month-on-month.
PHILLEPUS UUSIKU
Business confidence is eventually starting to picking up as Namibia recorded an impressive growth in new vehicle sales in February this year.
A total of 891 new vehicles were sold, the highest growth recorded over the past 16 months. The highest sales before this, was in October 2019 with 971 units.
According to Simonis Storm (SS), the statistics showed a deviation from the long-term contractionary trend that persisted through 2020. New vehicle sales are up 11.7% year-on-year and 28.4% month-on-month as all subcategories posted double digit growth rates on a monthly basis, except the buss category which remain mute. Meanwhile four out of the six subcategories posted positive annual growth rates.
The passenger vehicles category accelerated both on a year-on-year and month-on-month basis for a second straight month, moving 18.2% and 15.2% respectively, having recorded a sale of 409 units.
From a purely growth observation, sales to car rental agencies accounted for most of the annual growth, posting a 25.0% growth while the sales to dealerships moved up 10.7%, SS pointed out.
“In our last note we mentioned that car rental agencies offered monthly rental packages which might have explained the surge in growth rates, adding to that, tourism related rental agencies unwind most of their stocks as tourism come to a hold in the mist of the pandemic,” SS said.
Confidence
Latest trends are indicative of restocking efforts as prospects of easing global lockdowns looms. Total commercial vehicles reverted to positive rates, putting an end to the annual contractions recorded over last four consecutive months. The data showed improvements in total commercial vehicles sales of 2.7% year-on-year compared to a 10.1% annual contraction recorded in the preceding month.
The monthly trend has contradicted the long-term contractionary sprawl, with an adjustment of 33.5% month-on-month in total commercial vehicle sales. Busses and light commercial vehicles subcategories were the only two categories to record contractions on an annual basis, recording contractions of 66.7% and 38.1% year-on-year respectively, SS said.
Extra-heavy and heavy commercial vehicles subcategory recorded the largest increase in sales on an annual basis, expanding 61.8% year-on-year and 37.5% year-on-year respectively. Moreover, the largest growth rate was recorded in the month-on-month expansion of the extra-heavy commercial vehicles which posted 189.5%.
“Though it remains too early to make any economic upturn inferences on this data, we are optimistic that these trends will filter through to business confidence levels,” SS concluded.
Business confidence is eventually starting to picking up as Namibia recorded an impressive growth in new vehicle sales in February this year.
A total of 891 new vehicles were sold, the highest growth recorded over the past 16 months. The highest sales before this, was in October 2019 with 971 units.
According to Simonis Storm (SS), the statistics showed a deviation from the long-term contractionary trend that persisted through 2020. New vehicle sales are up 11.7% year-on-year and 28.4% month-on-month as all subcategories posted double digit growth rates on a monthly basis, except the buss category which remain mute. Meanwhile four out of the six subcategories posted positive annual growth rates.
The passenger vehicles category accelerated both on a year-on-year and month-on-month basis for a second straight month, moving 18.2% and 15.2% respectively, having recorded a sale of 409 units.
From a purely growth observation, sales to car rental agencies accounted for most of the annual growth, posting a 25.0% growth while the sales to dealerships moved up 10.7%, SS pointed out.
“In our last note we mentioned that car rental agencies offered monthly rental packages which might have explained the surge in growth rates, adding to that, tourism related rental agencies unwind most of their stocks as tourism come to a hold in the mist of the pandemic,” SS said.
Confidence
Latest trends are indicative of restocking efforts as prospects of easing global lockdowns looms. Total commercial vehicles reverted to positive rates, putting an end to the annual contractions recorded over last four consecutive months. The data showed improvements in total commercial vehicles sales of 2.7% year-on-year compared to a 10.1% annual contraction recorded in the preceding month.
The monthly trend has contradicted the long-term contractionary sprawl, with an adjustment of 33.5% month-on-month in total commercial vehicle sales. Busses and light commercial vehicles subcategories were the only two categories to record contractions on an annual basis, recording contractions of 66.7% and 38.1% year-on-year respectively, SS said.
Extra-heavy and heavy commercial vehicles subcategory recorded the largest increase in sales on an annual basis, expanding 61.8% year-on-year and 37.5% year-on-year respectively. Moreover, the largest growth rate was recorded in the month-on-month expansion of the extra-heavy commercial vehicles which posted 189.5%.
“Though it remains too early to make any economic upturn inferences on this data, we are optimistic that these trends will filter through to business confidence levels,” SS concluded.
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