Namibian Car Market at new all-time best again in 2014, with the sixth consecutive growing year in a series fueled by fast growing economy. The competitive arena is dominated by Toyota that in 2014 gained a market share over 40%.
Economic Outlook
Namibia held off the global economic slowdown, posting growth rates above 5% since 2010. Recovery remains on course despite the winding down of official fiscal stimulus measures. Gross domestic product (GDP) growth accelerated to 5.3% in 2014 from 5.1% in 2013 with robust construction activity and high consumer demand.
Growth is expected to improve to 5.6% in 2015 and 6.4% in 2016 as external demand improves and new mines start production and exporting. Tight monetary policy has kept consumer price index (CPI) inflation within the target range of 3% to 6%.
The Bank of Namibia in August 2014 implemented a second increase in the repo rate by 25 basis points to 6% to stabilise rising inflation caused by escalating food and transport prices. Consequently, the CPI inflation rate moderated from 6.1% in June to 4.7% in December.
Market Outlook
The domestic new vehicles market in Namibia is growing ininterruptely since 2010 and in the last year the growth speed was really strong with one of the best performance worldwide.
However, due to the rapid development of the country and a stble political environment, the Namibian market is expected to kept growing in the next years.
In the full year 2014, according to data release by the National Association of Automobile Manufacturers of South Africa (NAAMSA), the total vehicle sales had been 21.996, up a robust 44.1% from the previous record, scored in the 2013 with 15.260 units.
The market is dominated by Toyota that in the 2014 has sold a record volume of 8.824 units, up 53.1% from 2013, with a market share of 40.1%. Second was Volkswagen with 3.240 units and third Nissan with 3.000 registrations.
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