Slight uptick in vehicle sales
Vehicle sales remain lacklustre, mainly on account of a slowdown in the economy and a reduction in government spending on vehicles, IJG has said in its latest sales report.
Vehicle sales remained lacklustre in May with 1 118 vehicles sold according to research house IJG which released its monthly vehicle sales report recently.
According them, a total of 5 527 vehicles had been sold year-to-date, of which 2 534 were passenger vehicles, 2 784 were light commercial vehicles and 245 were medium or heavy commercial vehicles, a sign of concern to IJG.
“This is a 27.2% year-on-year decrease from the 1 535 vehicles sold in May 2016 but 18.2% month-on-month higher than the 946 vehicles sold in April.
Year-to-date, 5 527 vehicles have been sold, 24.4% less than the corresponding period in 2016. Of these, 2 534 were passenger vehicles, 2 748 were light commercial vehicles, and 245 were medium or heavy commercial vehicles.
These are the lowest year-to-date numbers in the last five years,” IJG said adding, “A slow sales number in the medium and heavy commercial vehicles category remains worrisome, as it indicates a lack of business confidence which may be due to either unwillingness or inability to invest into businesses.”
Toyota and Volkswagen continued to lead the market in the passenger vehicle segment.
“Year-to-date Toyota and Volkswagen continue to hold a strong market share in the passenger vehicle market based on the number of new vehicles sold, claiming 34% and 29% of the market respectively,” IJG said.
In the medium to light commercial vehicle segments, Toyota remained a front runner in terms of sales while Scania and Mercedes-Benz enjoyed success in the heavy commercial vehicle sales segment according to IJG.
Toyota also remains the leader in light commercial vehicle sales with 48% of the market, followed by Nissan at 17%.
Ford and Isuzu claimed 13% and 10% of the number of light commercial vehicles sold in 2017.
Iveco is the leader of medium commercial vehicles with 32% of the market followed by Hino at 28%.
In the heavy and extra heavy category, Scania and Mercedes have sold the most vehicles, claiming 26% and 24% of the market respectively,” it said.
Slowed growth and a reduction in spending from government attributed to the low number of vehicle sales according to IJG.
“Lower government spending, specifically on capital assets, has had a direct effect on the number of vehicles sold.
“Additionally, slower economic growth means that consumers will have lower disposable income levels and many consumers have been reigning in their spending as a result,” IJG said of its outlook for the rest of the year.
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According them, a total of 5 527 vehicles had been sold year-to-date, of which 2 534 were passenger vehicles, 2 784 were light commercial vehicles and 245 were medium or heavy commercial vehicles, a sign of concern to IJG.
“This is a 27.2% year-on-year decrease from the 1 535 vehicles sold in May 2016 but 18.2% month-on-month higher than the 946 vehicles sold in April.
Year-to-date, 5 527 vehicles have been sold, 24.4% less than the corresponding period in 2016. Of these, 2 534 were passenger vehicles, 2 748 were light commercial vehicles, and 245 were medium or heavy commercial vehicles.
These are the lowest year-to-date numbers in the last five years,” IJG said adding, “A slow sales number in the medium and heavy commercial vehicles category remains worrisome, as it indicates a lack of business confidence which may be due to either unwillingness or inability to invest into businesses.”
Toyota and Volkswagen continued to lead the market in the passenger vehicle segment.
“Year-to-date Toyota and Volkswagen continue to hold a strong market share in the passenger vehicle market based on the number of new vehicles sold, claiming 34% and 29% of the market respectively,” IJG said.
In the medium to light commercial vehicle segments, Toyota remained a front runner in terms of sales while Scania and Mercedes-Benz enjoyed success in the heavy commercial vehicle sales segment according to IJG.
Toyota also remains the leader in light commercial vehicle sales with 48% of the market, followed by Nissan at 17%.
Ford and Isuzu claimed 13% and 10% of the number of light commercial vehicles sold in 2017.
Iveco is the leader of medium commercial vehicles with 32% of the market followed by Hino at 28%.
In the heavy and extra heavy category, Scania and Mercedes have sold the most vehicles, claiming 26% and 24% of the market respectively,” it said.
Slowed growth and a reduction in spending from government attributed to the low number of vehicle sales according to IJG.
“Lower government spending, specifically on capital assets, has had a direct effect on the number of vehicles sold.
“Additionally, slower economic growth means that consumers will have lower disposable income levels and many consumers have been reigning in their spending as a result,” IJG said of its outlook for the rest of the year.
STAFF REPORTER
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