Kenyan Vehicles Sales in the 2018 is losing volume in double-digit despite the positive start of the year. The private demand is declining hit by the recently revised fiscal policy and new vehicles demand was weak, with only 7.382 sales at September.
Kenya’s economic growth was hit by private sector activity which slightly moderated in the third quarter from the previous quarter due to waning business confidence and concerns over the new fiscal year tax measures. On the upside, the arrival of the short rainy season should buoy agricultural output and hydro-powered electricity generation in the fourth quarter. An acceleration in activity at the outset of Q4 hinted at this, reflected by a rise in the PMI in October.
Robust growth is expected next year, supported by strong domestic demand and healthy capital inflows. Solid private consumption underpinned by buoyant remittance inflows, coupled with an acceleration in fixed investment growth fueled by stronger business confidence, should drive the economy.
Following a quite positive period, ended with the all time record hit in the 2015 with 19.549 vehicles sold, Kenyan vehicles market was hit by the economic crisis and started falling down, losing in two years over 40% of volume. Indeed, according to data released by the Kenyan Motor Industry Association, in the 2017 total vehicles (including HCVs) sales have been 10.831 (-19.8%).
The start of the 2018 was supported by a renovated economic momentum. However, the positive demand of new vehicles reported in Q1 with sales at 2.841 units (+8.6%) was followed by a negative Q2, with 2.391 sales (-17.3%) and Q3, with 2.433 sales (-13.6%) , with Year to Date figures at 7.382 (-11.3%).
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The market leader is again Isuzu, dominating the commercial segment, with 2.366 sales. Toyota was second with 1.825 sales ahead of Mitsubishi with 680.
Research, Consulting, Data & Forecast
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