Tanzania’s vehicles market in July 2023 grows following a loss of 22.4% in June, reporting 156 new registrations (+7.6%). YTD figures at 1,145 are down 7.1% from the prior year.
Market Trend and Outlook
Tanzania’s vehicle market in July 2023 grows 7.6% after dropping 22.4% in June, reporting 156 new registrations. YTD figures at 1,145 are down 7.1% from the prior year.
Looking at cumulative data up to July 2023 brand-wise, the leader Toyota reports a 33.3% growth while holding 34.2% market share, followed by Isuzu which boomed 431.0%. Nissan reports the worst performance, collapsing 62.7% in yearly sales.
Medium-Term Market Trend
The new light vehicles market in Tanzania is stable in the range between the 2,000 and the 3,000 annual units, still penalized by the easy access of imported used vehicles.
In the last decade, the market performed between the lower peak of 2,035 units in 2016 and the higher of 3,314 in 2013, with 2018 at 2,258 units. In 2019 the light vehicles market has lost 20.2%, mainly due to a very low Q4, ending the year with only 1,914 sales, the lowest level since 2010.
The arrival of the pandemic in 2020 caused the global automotive market to collapse. This being said the effects on Tanzania’s vehicle market were limited with respect to other countries. In fact in 2020 sales fell only 8.5% to 3,021.
In the following year new light vehicle registrations remained flat compared to the previous year, totaling 3,005 (-0.5%).
Sales finally grew in 2022 reaching a total of 3,153, 4.3% more than the prior year.