Angola 2023. Car Market Is Finally Rebound (+109.7%)

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Angola vehicles market accelerates. Full year 2023 sales have been 8.129 (+109.7%) and the outlook for the next future is still very positive. Suzuki is the new market leader, ahead of Toyota.

Market Trend and Outlook

Angola’s economic fortunes have been tied to global oil demand, which brought volatile growth and left the country with high levels of poverty and inequality. Reforms over the past five years have improved macroeconomic management and public sector governance.

Macroeconomic stability has been enhanced through a more flexible exchange rate regime, central bank autonomy, sound monetary policy, and fiscal consolidation. Laws have been introduced to allow greater private sector participation in the economy, increasing the stability of the financial sector.

While much remains to be done to achieve this transformation, reforms over the past years have improved macroeconomic management and public sector governance. Transforming the state-led and oil-funded economic model into a sustainable, inclusive, private-sector-led growth model requires high-level political commitment, strong coordination, and solid institutions.

The automotive industry lived a deep crisis between 2015 and 2022 with sales falling down from a record year (2014) at 40K to near zero (2.2K in 2020). Following two years of moderate growth, in 2023 the industry finally have shown a strong sign of recovery, fueled by a better economic environment and although huge peak in the interest rates.

Full year 2023 sales have been 8.129 (+109.7%) and the outlook for the next future is still very positive. 

In the last decade the market radically changed and the top players changed as well. As a decade ago the market was dominated by European OEMs (Fiat, Renault, Peugeot Volkswagen) now the leaders are Japanese (Suzuki and Toyota) but there are several Chinese OEMs fast growing.