2022 has gotten off to a very positive start for the South African automotive industry, with new vehicle sales increasing by 19.5% versus the same month last year.
According to Naamsa, the Automotive Business Council, a total of 41 382 vehicles were sold last month. Passenger vehicle sales led the way with 30 037 units and a 26.6% year-on-year gain, with the rental car industry contributing a noteworthy 15.3% to the tally.
Light commercial vehicle sales grew by just 3.8%, while the medium and heavy commercial sectors registered declines of 4.3% and 9.6% respectively.
New vehicle exports were also down year-on-year, by 9.3%, although new model introductions during the year are expected to improve the outlook.
On the sales front Toyota led the way as always, with a total tally of 12 480. It was followed by Volkswagen (5393) and Suzuki (3232).
Top-selling brands: January 2022
- Toyota – 12 480
- Volkswagen – 5393
- Suzuki – 3232
- Hyundai – 2668
- Haval – 2442
- Renault – 2247
- Nissan – 2172
- Ford – 1639
- Kia – 1507
- Isuzu – 1433
“In line with the moderate economic growth forecast for the country for 2022, the new vehicle market is expected to continue its gradual recovery to pre-Covid-19 levels, but at a slower pace,” Naamsa said.
“Consumer and business sentiment will therefore remain under pressure over the short to medium term while supply chain disruptions, such as the global shortage of semi-conductors, will also continue to hamper new vehicle sales and production during the year.
“On the positive side, the new vehicle market trend over the next three years is expected to be upward, in close correlation with National Treasury’s projected domestic economic growth outlook, averaging 1.7% for 2022, 2023 and 2024.”
Source: Jason Woosey (IOL Motoring)