New vehicle sales fall during May 2022
Passenger and light commercial vehicles continue to be the bulk of new vehicle sales, accounting for 52.4% and 40.3% of total sales respectively in May 2022.
On an annual basis, passenger vehicle sales and extra-heavy commercial increased by 12.3% and 3.0%, respectively.
Light commercial, medium commercial and heavy commercial sales decreased by 16.7%, 40.0% and 33.3% year-on-year, respectively, Simonis pointed out.
New vehicle sales have averaged 863 units per month year-to-date (YTD), which is above the monthly averages of 810 and 550 in recorded in the same period during 2021 and 2020 respectively.
The year-to-date monthly average is very close to the pre-pandemic monthly average of 869 recorded in 201, SS said.
Instalment and leasing credit growth have grown sluggishly amongst households, averaging growth of 1.2% YTD and 0.9% in the last 12-months. This is indicative of a number of local dealerships who point out that there are numerous declines in vehicle loans amongst their clients from local banks. As a result, the proportion of cash sales have increased compared to credit sales. On the other hand, instalment and leasing credit amongst corporates has increased by double digits in March and April 2022 and averages monthly growth of 9.2% YTD and 1.4% in the last 12-months, SS said.
According to IJG Securities, Toyota retained its lead in the new passenger vehicle sales segment with 33.0% of the segment sales year-to-date, despite the significant decline in its monthly vehicles sales figure in May following the closure of its plant in KwaZulu-Natal due to flood damage.
Volkswagen, with a 19.8% of the passenger vehicle market share, was second, followed by Kia and Suzuki with 8.8% and 7.8% of the market, respectively, leaving the remaining 30.6% of the market share to other brands, IJG added.
On a year-to-date basis, Toyota maintained its dominance in the light commercial vehicle space with a 54.9% market share despite also recoding significantly lower sales in this segment, followed by Nissan with 12.1% of the market. Hino continues to lead the medium commercial vehicle segment with 33.9% of sales year-to-date. Scania retains its position as the leader in the heavy and extra-heavy commercial vehicle segment with 31.6% of the market share year-to-date, an increase from last month, IJG [email protected]