Vehicle sales increased by 11.6% in April this year compared to the same point in 2022, after a total of 1,004 new vehicles were sold in the month.
This is despite an 18.11% decline m/m from the 1,226 vehicles sold in March.
According to the economists at IJG, this is the highest number of units sold in the month of April since 2016.
“The drop in April’s sales figure from the recent high of last month was somewhat expected as data from recent years suggest a tapering in monthly vehicle sales after peaking in March of each year,” the economists said.
Further analysis also indicates that 11,516 new vehicles sold over the 12 months at the end of April have climbed to their highest levels since May 2019 with annual growth in the 12-month cumulative sales showing signs of slowing. This represents an increase of 18.6% y/y from the 9,712 sold over the comparable period a year ago.
On a year-to-date basis, vehicle sales continue to trend just above 2018 levels.
For the year thus far, 4,138 new vehicles have been sold, of which 2,074 were passenger vehicles, 1,836 light commercial vehicles, and 228 medium- and heavy commercial vehicles.
“April saw 468 new passenger vehicles sold in total, an 18.6% m/m decline, but marginally higher (1.5%) than in the same month a year ago. Year-to-date, new passenger vehicle sales grew to 2,074, an increase of 13.0% compared to the 1,836 vehicles sold over the same period in 2022. On a 12-month cumulative basis, new passenger vehicle sales increased to 5,812, up 20.3% y/y from the 4,831 vehicles sold over the corresponding period a year earlier,” IJG analysts said.
Meanwhile, 536 new commercial vehicle units were sold in April, representing a 17.7% m/m drop from the 651 units sold in March, but 22.1% more than in April 2022.
“Light commercial vehicles accounted for 473 of the total commercial vehicles sales in April, medium commercial vehicles sales came in at 17 units, and heavy and extra heavy commercial vehicles sales amounted to 46 units.”
Analysis shows that Toyota dominates in the new passenger vehicle sales with 38.0% of the market share for the year, followed by Volkswagen with 22.4% of the sales.
Kia and Haval are the best of the rest with 8.3% and 5.1% of the market share, respectively.