Mining, agriculture drive new vehicle sales in February

Namibia’s new vehicle sales reached a nine-year February high of 1 165 units, bolstered by robust demand within the mining, agriculture, and energy-related sectors.

This reflects an acceleration of 4.1% year on year from 1 119 units sold in February 2025, and a 15.9% increase from the 1 005 units sold in January.

Economic analysts Simonis Storm Securities say this represents the strongest February turnout since 2016 and lifts year-to-date volumes to 2 170 units.

“Looking ahead, construction activity at new uranium, gold and copper mines plus offshore oil and gas exploration could become a meaningful tailwind for medium and heavy commercial vehicle demand, particularly if final investment decisions begin to convert into on-the-ground execution in the coming quarters,” the analysts say.

They believe the sharp monthly rebound suggests the seasonal softness typically associated with the start of the year has largely run its course, and that underlying demand conditions remain intact.

The passenger segment was the standout performer. Sales rose to 582 units from 495 units in January, a 17.6% month-on-month gain, while the year-on-year comparison was at 13.9% – up from 511 units in February 2025.

The strength here is likely a reflection of the cumulative monetary easing that took place over the course of 2025, which gradually filtered through into lower borrowing costs and improved affordability for households.

The commercial vehicle sector recovered 14.3% from 510 units in January to 583 units in February, but on an annual basis sales edged down 3.8% from 606 units a year earlier.

“This divergence between month-on-month strength and year-on-year softness points to a business sector that is active but perhaps more measured in its capital deployment,” Simonis says.

The commercial subcategories had a mixed picture, with light commercial vehicles accounting for 503 units, although this was 6.9% below the 540 units recorded in February 2025.

Medium commercial vehicles sold 24 units, down 4% year-on-year, while heavy commercial vehicles doubled to 18 units from 10 a year ago.

The extra-heavy vehicles rose 16.7% to 35 units from 30, and bus sales stood at three units, up from one in February 2025.
An interesting shift occurred with rental companies buying 82 units, accounting for 7.04% of total sales, a notable step-up from just 32 units, or 3.18%, in January, reflecting early fleet positioning ahead of the 2026 tourism season.

Dealership sales made up the remainder at 1 083 units, or 92.96%.

The Japanese manufacturers collectively sold 728 units, representing 62.5% of total volumes in February.

Toyota remains the undisputed market leader at 622 units, with the Hilux continuing to anchor fleet demand across agriculture, mining, and logistics.

Chinese brands edged higher again, recording 142 units for a 12.2% market share, up from 127 units in January.

German manufacturers posted a strong recovery in February, with sales rising to 141 units from 112 in January, good for a 12.1% share.

Volkswagen drove the bulk of this, selling 104 units versus 68 in January.

American brand Ford, held steady at 75 units in February – identical to January – while sales of Indian brands trebled to 33 units from 10 in January, lifting market share to 2.8%.

– email: matthew@namibian.com.na

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