Angola Vehicles Market in 2024 saw sharp decline, with full year sales dropping 39.9%. Suzuki and Toyota retained leadership with a combined 45% market share, despite double-digit losses, while Chery proved more resilient, only falling 3.7%.
Economic Environment
Angola’s economy rebounded in 2024, with GDP growth reaching 3.8%, driven by a recovery in both oil and non-oil sectors, and is projected to grow by 3% in 2025. Inflation remained high due to exchange rate depreciation and food prices, prompting further monetary tightening and improved liquidity management. The public debt-to-GDP ratio declined significantly to 62.4% in 2024, aided by strong nominal growth, though fiscal discipline weakened due to rising capital expenditures and delayed subsidy reforms.
While the short-term outlook is positive, risks remain elevated from high external debt service, potential financing constraints, and political uncertainty ahead of the 2027 elections. The IMF emphasized the urgency of returning to fiscal consolidation, deepening structural reforms, and ensuring monetary policy remains tight to support disinflation and exchange rate stability. It also stressed addressing financial sector vulnerabilities and promoting diversified, inclusive growth through improved governance, human capital investment, and enhanced financial inclusion.
Automotive Industry Trend and Outlook
In 2024, the Angolan vehicle market experienced a significant downturn, losing 39.9% in year-on-year volume and interrupting the trend of recovery that defined the previous 3 years.
Looking at cumulative data up to December 2024 brand-wise, Suzuki retained top spot despite losing 35.6%. Toyota followed in 2nd, down 45.3% while Renault ranked 3rd reporting a 42.1% loss in year-on-year volume. Volkswagen ranked 4th, down 45.9% while MG climbed one spot despite a decline of 41.2%.
Notably, Chery proved more resilient against the industry crisis, only losing 3.7% and climbing 2 spots into 6th.
Looking at best-selling models, the Suzuki Swift secured the 1st spot despite losing 19.6%, followed by the Suzuki Jimny (-42%) and the Toyota Hilux (-41.6%).
