2014-02-04 07:01:01 - South Africa Autos Report Q3 2013 - a new market research report on companiesandmarkets.com
Despite the weak domestic outlook, South Africa registered a 7.5% year-on-year (y-o-y) increase in new vehicle sales to 53,997 units in May 2013, up 3,750 units from the 50,247 sold in May last year, according to figures released by the National Association of Automobile Manufacturers of South Africa (NAAMSA).
Outperforming the segment in May were sales of LCVs, bakkies and minibuses, which grew at 11.1% y-oy, or by 1,425 units, bringing the year-to-date aggregate to 14,031. In May 2013, sales of heavy trucks and buses recorded an increase of 8.6% y-o-y to 136 units. Sales of medium commercial vehicles faced a decline of 0.3%.
We are relatively more optimistic about the production outlook for commercial vehicles in particular, as the incentives for
producers and consumers are slowly beginning to improve. In line with our long-held view that the local bus industry will be boosted by investment in the Bus Rapid Transit (BRT) system, more big contracts are being awarded. Bus production in South Africa is still below its 2008 peak of over 1,850 units and We forecast that production is unlikely to return to these levels within the forecast period to 2017. We have upwardly revised its bus production forecast from 4% y-o-y in 2013, to 5.6%, bringing the total amount of buses produced to 1,310. This growth is set to continue over the 2013-2017 forecast period, with average y-o-y growth expected to come in at 5.6%.
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