Industry revenue of “retail sale of motor vehicles“ in South Africa 2011-2023
Although the South African motor vehicles industry witnessed robust growth between 2011-2016, revenues are projected to rise only marginally between 2016-2023, owing to the falling demand for passenger cars, rising unemployment rate and low consumer and business confidence. Moreover, rising fuel prices have also affected sales over the past few years. The price of a litre gasoline in the country was 4.29 U.S. dollars in the fourth quarter of 2019, 1.5 times higher than the price in the U.S.
However, vehicle exports have been on the rise, which account for the major revenue share in this industry. In 2019, a record breaking 386,863 units were exported, amounting to 11.4 billion U.S. dollars. Industry experts were predicting similar sales for 2020, but the outbreak of the Covid-19 has caused severe disruptions and exports are expected to take a bit of a hit in the short to medium term.
Vehicle exports for the month of February have already witnessed an 8 percent year-over-year decline.
However, vehicle exports have been on the rise, which account for the major revenue share in this industry. In 2019, a record breaking 386,863 units were exported, amounting to 11.4 billion U.S. dollars. Industry experts were predicting similar sales for 2020, but the outbreak of the Covid-19 has caused severe disruptions and exports are expected to take a bit of a hit in the short to medium term.
Vehicle exports for the month of February have already witnessed an 8 percent year-over-year decline.
