Despite a strong year-end performance, South Africa's new vehicle sales fell to their lowest level since 2022, mirroring a slump in vehicle exports. The National Association of Automobile Manufacturers of South Africa (Naamsa) reported 515,712 units sold in 2024, a 3% decrease compared to 2023. While new passenger vehicles saw a 1.1% increase, the overall market remained under pressure due to a tough economic climate and the rise of affordable Chinese brands.
South Africa saw a decline in new vehicle sales in 2024, marking the lowest level since 2022. Despite a strong performance in the final months of the year, driven by seasonal sales to the rental industry, easing inflation, and interest rate cuts, the overall sales figures fell short of expectations. According to the National Association of Automobile Manufacturers of South Africa (Naamsa), 515,712 units were sold in 2024, a 3% decrease from the record-breaking 531,775 units sold in 2023.
This decline mirrored a slump in vehicle exports, which reached their lowest point since 2021 at 308,380 units, a 22.8% drop from the previous year's record.The automotive industry anticipated a year of two halves, with a challenging first half followed by a brighter second half. However, this projection did not materialize as new vehicle sales remained under pressure throughout the year. One of the key factors influencing these sales figures is the emergence of new players in the domestic market, particularly Chinese brands, offering more affordable options. This shift in the market landscape, coupled with a tough economic climate, has forced consumers to reconsider their vehicle choices.Despite the overall decline, the new passenger vehicle segment demonstrated a significant growth of 1.1% from 2023, reaching 351,302 units sold. Local production remained dominant, with nine of the country's top-selling vehicles being manufactured domestically. The Toyota Hilux retained its position as the country's best-selling vehicle for most of the year, only being surpassed in November by the Volkswagen Polo Vivo. The Ford Ranger, Toyota Corolla Cross, and Isuzu D-Max rounded out the top five, demonstrating the continued popularity of locally produced vehicles. The Suzuki Swift was the best-selling imported car, followed closely by the Chery Tiggo 4 Pro, which emerged as the best-selling Chinese vehicle in 2024. The rise of Chinese brands in the South African market is undeniable, with both Chery and GWM Haval Jolion securing regular top 10 finishes and placing within the top 15 best-selling brands of the year
NEW VEHICLE SALES SOUTH AFRICA AUTOMOTIVE INDUSTRY EXPORT DECLINE CHINESE BRANDS ECONOMIC CLIMATE
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