Namibia Vehicles Market in 2024 remained stagnant, with full year sales growing 0.4%. Toyota retained leadership, with more than half of the market, followed by Volkswagen. Other Top 10 brands incurred double-digit losses, including Ford (-28%) and Kia (-21.3%).
Economic Environment
In 2024, Namibia’s economic growth is projected to moderate to 3.1%, following a stronger-than-expected 4.2% expansion in 2023 driven by mining and oil exploration. While the overall economy has returned to pre-pandemic levels, key sectors like construction and financial services continue to lag. Household consumption is expected to recover, aided by easing inflation and monetary policy, though poverty remains high at 17.2%, exacerbated by a severe drought impacting subsistence farmers. Structural inequalities persist, with Namibia remaining one of the world’s most unequal countries, and economic opportunity concentrated among a small elite. Despite progress in poverty reduction, challenges like high unemployment, low human capital, and a dual economy continue to hinder growth.
Automotive Industry Trend and Outlook
In 2024, the Namibian vehicle market showed little movement, growing only 0.4% in year-on-year volume and slowing down the trend of growth that defined the previous 2 years.
Looking at cumulative data up to December 2024 brand-wise, Toyota retained top spot growing 6%. Volkswagen followed in 2nd, up 4.2% while Nissan ranked 3rd reporting a 4.2% loss in year-on-year volume. Ford ranked 4th, down 28% while Isuzu ranked 5th despite a decline of 10.2%.
Looking at best-selling models, the Toyota Hilux was still the leader, growing 7.3%. The Volkswagen Polo followed in 2nd, up 4.4% while the Nissan NP300 Hardbody closed the podium despite losing 7.5%.
