Angola light vehicles market is not recovering yet. In 2022 light vehicles have been stable from the previous year, at few thousand units, very far from a decade ago. Toyota is market leader.
Market Trend and Outlook
Angola’s car market in 2022 totaled 2,300 new registrations, a 1.1% increase from the prior year. After losing volume in Q1 and Q2 the last half of the year was able to turn the year’s overall trend positive.
Looking at cumulative data from 2022 brand-wise, the leaser is still Toyota with a -3.1% in sales compared to last year, followed by Suzuki also down 3.0% in volume. Hyundai maintains the 3rd spot on the leaderboard, reporting a 1.9% loss in yearly sales.
Medium-Term Market Trend
Despite this country being among the most stable and rich in the entire African continent, the automotive industry is involved in the hardest crisis ever, due to the persistent recession, increased taxation, and increased import of used vehicles.
For all these reasons combined, the domestic market is in free-fall after having hit in 2014 the all-time record with 40,000 units.
However, when in 2015 the price of crude oil in the international market started to deeply fall, to not really recovered, the economy – too depending by the oil industry – entered in a recession and the political restrictive actions have only further hit the economy, killing internal demand for consumers goods. Indeed, in the following years the market lost terrain, falling at just 12,558 units in 2018.
In 2019 the market experienced a double-digit drop. Indeed, the Full-year ended at 11,546 units sold (-8.1%).
Due to the COVID-19 Pandemic full-Year sales for 2020 have been 1,486, reporting a decline of 84.1% compared to 2019.
Following the pandemic, in 2021 sales rose back above the 2k mark hitting 2,276 cumulative sales, a 24.0% increase from the prior year.
