Cape Verde’s Auto market in 2022 gains volume after falling 25.9% in 2021 and totaled 500 new vehicle sales, a 19.0% increase from the prior year.
Market Trend and Outlook
Cape Verde’s light vehicle market in 2022 gained volume after falling 25.9% in 2021 and totaled 500 new vehicle sales, a 19.0% increase from the prior year.
Looking at cumulative data from 2022 brand-wise, this year the leader is still Renault with 23.8% market share and a 46.8% loss in sales, followed by Toyota which gained 35.7% in volume and has 23.0% market share. Suzuki ranks in 3rd with a 24.0% increase in new vehicle registrations.
Medium-Term Market Trend
Cape Verde’s vehicles market has registered a sharp growth during the last year. In 2018 registrations ended at 450 units, while in 2019 the market reported strong growth. Indeed, Full-year sales have been 739 booming 64.2% from the previous year.
Due to the COVID-19 Pandemic full-Year sales for 2020 have been 567, reporting a decline of 23.3% compared to 2019.
In 2021 the market fell drastically, losing 25.9% in volume and totaling 420 new sales.
