Category Archives: Vehicle Sales

A total of 1,004 new vehicles were sold in April, down 18.11% m/m from the 1,226 vehicles sold in March, but 11.6% more than in April 2022. Year-to-date, 4,138 new vehicles have been sold, of which 2,074 were passenger vehicles, 1,836 light commercial vehicles, and 228 medium- and heavy commercial vehicles. On a 12-month cumulative basis, a total of 11,516 new vehicles have been sold at the end of April, representing an increase of 18.6% y/y from the 9,712 sold over the comparable period a year ago.

April saw 468 new passenger vehicles sold in total, an 18.6% m/m decline, but marginally higher (1.5%) than in the same month a year ago. Year-to-date, new passenger vehicle sales grew to 2,074, an increase of 13.0% compared to the 1,836 vehicles sold over the same period in 2022. On a 12-month cumulative basis, new passenger vehicle sales increased to 5,812, up 20.3% y/y from the 4,831 vehicles sold over the corresponding period a year earlier.

536 new commercial vehicle units were sold in April, representing a 17.7% m/m drop from the 651 units sold in March, but 22.1% more than in April 2022. Light commercial vehicles accounted for 473 of the total commercial vehicles sales in April, medium commercial vehicles sales came in at 17 units, and heavy and extra heavy commercial vehicles sales amounted to 46 units. All three categories witnessed fewer sales in April than in March. On an annual basis, light commercial vehicles sales grew by 20.7% y/y, heavy and extra heavy commercial vehicles sales increased by 53.3% y/y while sales in the medium commercial vehicle category remained steady. Year-to-date, 2,064 commercial vehicles have been sold, of which 1,836 were light commercial vehicles, 77 medium commercial vehicles and 151 heavy and extra heavy commercial vehicles. On a twelve-month cumulative basis, light commercial vehicle sales increased by 20.0% y/y to 4,983 units, medium commercial vehicle sales rose by 23.7% y/y to 235 units while heavy commercial vehicle sales came in at 486 units, representing a contraction of 9.7% y/y.

Toyota continues to show its dominance in the new passenger vehicle sales segment, after taking 38.0% of the market share year-to-date, followed by Volkswagen with 22.4% of the sales year-to-date. Kia and Haval are the best of the rest with 8.3% and 5.1% of the market share, respectively.

Toyota also asserted its dominance in the light commercial vehicle segment after claiming 53.4% of the sales year-to-date. Ford trailed in second place, taking up 12.6% of the market share. Mercedes continues to lead the medium commercial vehicle segment with 31.2% of the market share, while Scania remains on top in the heavy- and extra heavy commercial segment with 29.8% of the market share.

The Bottom Line  

Demand for new vehicles remained relatively strong in April with the 1,004 new vehicles sold being the highest number of units sold in the month of April since 2016. The drop in April’s sales figure from the recent high of last month was somewhat expected as data from recent years suggest a tapering in monthly vehicle sales after peaking in March of each year. The 12-month new vehicle sales cumulative figure has climbed to its highest levels since May 2019 with annual growth in the 12-month cumulative sales showing signs of slowing as the graph above depicts. On a year-to-date basis, vehicle sales continue to trend just above 2018 levels.

1,226 new vehicles were sold in March, an increase of 11.4% m/m and 16.3% y/y, and the highest monthly total since July 2017. 3,134 new vehicles were sold during the first quarter, of which 1,606 were passenger vehicles, 1,363 light commercial vehicles, and 165 medium- and heavy commercial vehicles. By comparison, the first three months of 2022 saw 2,645 new vehicles sold, indicating a robust start to 2023 for new vehicle sales. On a 12-month cumulative basis, a total of 11,412 new vehicles were sold as at March 2023, representing an increase of 19.3% y/y from the 9,567 sold over the comparative period a year ago.

575 new passenger vehicles were sold during March, representing an increase of 3.2% m/m and 8.7% y/y. Year-to-date, new passenger vehicle sales rose to 1,606 in the first quarter, 16.8% higher than during the same period in 2022 and 42.0% higher than the first quarter of 2021. On a 12-month cumulative basis, new passenger vehicle sales climbed to 5,805, a 22.8% y/y increase from the 4,728 over the corresponding period a year ago.

New commercial vehicle sales were similarly strong in March, with 651 units sold during the month the highest monthly figure since November 2018. New commercial vehicle sales rose 19.7% m/m and 24.0% y/y. 580 light commercial vehicles, 23 medium commercial vehicles, and 48 heavy and extra heavy commercial vehicles were sold during the month. All categories recorded increases on a year-on-year basis, with light commercial vehicles being 24.2% higher than in March 2022, medium commercial vehicles up 53.3% y/y, and heavy and extra heavy up 11.6% y/y. On a twelve-month cumulative basis, light commercial vehicle sales are 20.1% higher than during the corresponding period a year ago, medium commercial vehicle sales are up 21.8% y/y, while heavy commercial vehicle sales contracted by 16.5% y/y.

Toyota continues to enjoy a strong lead in the new passenger vehicle sales segment, claiming 38.0% of the sales on a year-to-date basis, followed by Volkswagen with a 25.1% share. They were followed by Kia and Haval with 8.1% and 5.1% of the market, respectively, leaving the remaining 23.7% of the market to other brands.

Toyota also has a dominant lead in the light commercial vehicle segment with 54.6% of the sales year-to-date. Ford came in second place, claiming a market share of 10.7%. Mercedes leads the medium commercial vehicle segment with a 26.7% market share, while Scania is number one in the heavy- and extra heavy commercial segment with 25.7% of the market share year-to-date.

The Bottom Line  

Demand for new vehicles remained strong in March among all segments. The uptick in March was primarily driven by a 107 unit increase in commercial vehicle sales, supported by a strong passenger figure. The 2023 Q1 new passenger vehicle sales figure is the highest since 2017 and the 12-month cumulative sales figure is trending at its highest level since mid-2017. Q1 new commercial vehicle sales were the highest since 2018 and the 12-month cumulative sales figure is at its highest since March 2020. 

A total of 1,103 new vehicles were sold in February, 294 more than the upward revised figure of January, and represents a 24.9% y/y increase from the 883 new vehicles sold in February 2023. 1,912 new vehicles were sold during the first two months of 2023, of which 1,035 were passenger vehicles, 783 light commercial vehicles, and 94 medium- and heavy commercial vehicles. By comparison, the first two months of 2022 saw 1,591 new vehicles sold. 2023 is thus off to a strong start compared to last year. On a 12-month cumulative basis, new vehicle sales rose by 19.2% y/y to 11,244.

559 New passenger vehicles were sold during February, an increase of 17.4% m/m and 27.3% y/y. This is the highest monthly number of new passenger vehicle sales since July 2018. On a 12-month cumulative basis, new passenger vehicle sales have increased by 26.2% y/y to 5,763. The 1,035 new passenger vehicles sold so far this year marks the highest number of year-to-date sales by February since 2016. Compared to the same period in 2022, the year-to-date figure for February has increased by 189 units or 22.3% y/y.

February was a similarly strong month for new commercial vehicle sales, with the 544 units sold during the month the highest monthly figure since March 2021. New commercial vehicle sales rose 63.4% m/m and 22.5% y/y in February. The month saw 486 light commercial vehicles, 25 medium commercial vehicles, and 33 heavy commercial vehicles sold. On a year-on-year basis, light commercial sales rose by 32.8% y/y, medium commercial vehicles grew by 56.3% y/y, and heavy and extra heavy vehicle sales declined by 46.8% y/y from a high base in February 2022. All sub-categories, bar heavy- and extra heavy vehicles, have recorded growth on a twelve-month cumulative basis with light commercial vehicle sales increasing by 16.6% y/y, medium commercial vehicles sale rising by 12.4% y/y, while heavy commercial vehicle sales contracted by 16.7% y/y.

Toyota enjoy a strong lead in the new passenger vehicle sales segment, capturing 37.8% of the segment sales year-to-date, followed by Volkswagen with 24.3% of the market share. Both manufacturers have started the year off on a strong foot that will make it difficult for other manufacturers to catch up. They were followed by Kia and Suzuki with 8.3% and 5.4% of the market, respectively, leaving the remaining 24.3% of the market to other brands.

On a year-to-date basis, Toyota remained the leader in the light commercial vehicle space with a dominant 57.2% market share. Ford came in second place claiming a market share of 8.2%. Mercedes and Toyota continued to collectively lead the medium commercial vehicle market, each with a market share of 27.0%. Mercedes also claimed the top spot of heavy and extra-heavy commercial vehicles with a market share of 28.1%. 

The Bottom Line  

February’s new vehicle sales figure of 1,103 was the highest number since November 2018 when 1,197 new vehicles were sold. The month-on-month increase was mainly driven by the 211 unit increase in commercial vehicle sales, although the 83 unit increase in passenger vehicle sales is by no means insignificant. As mentioned in last month’s report, the 12-month new vehicle sales cumulative figure is trending at levels last seen in 2019. February’s 12-month cumulative figure is still down 50.4% from the peak of 22,664 recorded in April 2015, but the strong momentum in both the passenger- and commercial vehicle segments is encouraging to see.