South Africa Auto Sales in August 2024 fell after growing for 4 consecutive months, reporting 41,909 new registrations (-0.9%). YTD figures at 327,978 were up 5.5% compared to the prior year. Chery grew 435.8% and rose 10 spots, ranking in 7th.
Market Trend and Outlook
South Africa’s real GDP is expected to grow by 1% in 2024 and 1.4% in 2025 as supply constraints, including power outages and transport bottlenecks, gradually ease. Lower lending rates and declining inflation, driven by falling energy and food prices, will support modest investment and consumption growth.
While parliamentary elections in May add uncertainty, a gradual easing of monetary policy is anticipated as inflation declines. Despite planned fiscal consolidation, public debt remains a concern, necessitating reforms in state-owned enterprises and increased public-private partnerships for infrastructure investment to ensure long-term fiscal sustainability and stronger growth.
The South African vehicle market in Augut 2024 contracted, interrupting a 4 consecutive months positive string and reporting 41,909 new registrations (-0.9%). YTD figures at 327,978 were up 5.5% compared to the prior year.
Looking at cumulative data up to August 2024 brand-wise, Toyota was still the leader with 86,873 sales (+14.5%), followed by Suzuki -up 1 spot- at 40,533 (+35.2%) and Volkswagen -down 1 spot- with 38,381 registrations (-5%).
In 4th position ranked Ford -up 3 spots- with 21,500 sales (+29.5%) ahead of Hyundai -down 1 spot- at 21,302 (-7.8%), Nissan –down 1 spot- at 18,841 (-0.7%) and Chery -up 10 spots- with 13,230 (+435.8%).
Isuzu grew 1 spot into 8th with 13,128 new sales (+23.5%), followed by Renault -down 3 spots- at 13,083 (-27.9%) and Kia -down 2 spots- 10,502 (-28.5%).
Looking at the models, the best seller became the Volkswagen Polo up 44% compared to the prior year. Last year’s leader, the Chevrolet Onix, dropped 10.5% and followed in 2nd.
Medium-Term Market Trend
There have been many ups and downs in the South African vehicles market. If we look at the past decade the market first grew from 2010 to 2013 reaching an all-time high of 614,900 sales. In the following year the trend inverted and the market dropped for 3 years reaching a minimum in 2016 at 523,254. In 2017 the market grew 1.5% but in 2018 it started to fall again, with 2019 following suit and reaching 507,567 sales.
The arrival of the pandemic in 2020 caused the South African market to collapse 29.4% to 364.030 registrations by the end of the year.
Luckily the fall wasn’t due to a structural problem in the industry with 2021 growing 22.2% to 444.700 sales and the 2022 at 507.358.
Economic crisis, with high inflation rate and huge interest rates for loans, hit the market in 2023.
Tables with sales figures
In the tables below we report sales for top 10 Brands.
