naamsa | The Automotive Business Council reports that the new vehicle market remains closely tied to broader economic conditions in the country.
Since the first half of 2024 was particularly challenging, new vehicle sales in 2024 fell compared to 2023, even though the last quarter of 2024 was promising. Consequently, the new vehicle market hasn’t been able to recover to the 2019 pre-pandemic level in four years and is likely to be delayed for another year.
1. BRIEF COMMENT ON DECEMBER 2024 SALES
The new vehicle market registered its third consecutive month of year-on-year increase in December 2024, with aggregate industry new vehicle sales at 41,273 units recording an increase of 1,011 vehicles or a gain of 2,5% compared to the total new vehicle sales of 40,262 units during the corresponding month 2023. The December 2024 new passenger car market reflected a sound performance with a year-on-year volume increase of 8,2% but in the case of light commercial vehicles a loss of 10,3%. Sales of medium commercial vehicles increased year-on-year by 7,6% while heavy commercial vehicles and buses decreased by 11,8%.
Vehicle export sales in December 2024 continued their downward slope and at 25,931 units reflected a loss of 1,158 vehicles or a decrease of 4,3% compared to the 27,089 vehicles exported during December 2023 to end the year at 308,380 units. Overall, out of the total reported industry sales of 41,273 vehicles, an estimated 36,465 units or 88,4% represented dealer sales, an estimated 8,1% represented sales to the vehicle rental industry, 2,1% to government, and 1,4% to industry corporate fleets.