Roaring truck market expected to cool as economy slows
The South African truck market in July continued its strong performance, recording 15% growth year-on-year, at 2 819 units.
Looking at year-to-date figures, the market is growing at 8.1% compared with the first seven months of 2012, and currently stands at 17 666 units.
This is according to the latest results released by the National Association of Automobile Manufacturers of South Africa, Associated Motor Holdings and Amalgamated Automobile Distributors.
“The performance of the local industry is in line with our market outlook and expectations,” says UD Trucks Southern Africa (UDTSA) MD Jacques Carelse.
“The healthy state of the market can, to a large extent, be attributed to higher levels of investment spending relating to the numerous infrastructure development projects currently under way around the country.”
Carelse says pre-emptive buying by fleet owners, seeking to avoid further increases in new vehicle prices as a result of the weaker rand, also contributed to the healthy growth seen in July.
“It all makes for a highly competitive trading environment.”
Looking at year-to-date numbers for the various market segments, medium commercial vehicle sales increased 11.5% to 6 624 units.
Sales in the heavy commercial vehicle market grew 7.2%, to 3 037 units, while the extra-heavy commercial vehicle market continued its strong run with 7 431 unit sales, an increase of 8.2%.
Bus sales continued its downward trend, with the 574 units sold year-to-date a 18.6% decline on 2012 numbers.
Looking to the five months remaining in 2013, Carelse says the growth seen to date in the truck market is expected to slow, owing mainly to subdued economic growth and further price increases.
He anticipates that the 2013 truck market will, finally, grow by between 3% and 4% over sales in 2012.
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