{"id":23807,"date":"2020-03-11T15:48:34","date_gmt":"2020-03-11T13:48:34","guid":{"rendered":"https:\/\/ijg.net\/research\/?p=23807"},"modified":"2020-03-11T16:47:18","modified_gmt":"2020-03-11T14:47:18","slug":"new-vehicle-sales-february-2020","status":"publish","type":"post","link":"https:\/\/ijg.net\/research\/new-vehicle-sales-february-2020\/","title":{"rendered":"New Vehicle Sales \u2013 February 2020"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

799 New vehicles were sold in February, an increase of 19.1% m\/m from the 671 vehicles sold in January, and a 6.4% y\/y increase from the 751 new vehicles sold in February 2019. Two months into 2020 and 1470 new vehicles have been sold, of which 638 were passenger vehicles, 721 light commercial vehicles, and 111 medium and heavy commercial vehicles. The first two months of 2019 saw 1,429 new vehicles sold. On a twelve-month cumulative basis, a total of 10,442 new vehicles were sold as at February 2020, representing a contraction of 8.9% from the 11,459 sold over the comparable period a year ago.<\/p>\n\n\n\n

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A total of 347 new passenger vehicles were sold during February, increasing\nby 19.2% from the 291 passenger vehicles sold in January. On a year-on-year\nbasis however, February new passenger vehicle sales were 2.0% lower than the\n354 vehicles sold a year ago. Year-to-date, passenger vehicle sales rose to\n638, reflecting lower annual sales than the preceding 9 years, and an 8.3%\ndecline from February 2019. On a rolling 12-month basis, passenger vehicle\nsales are at their lowest level since January 2011, highlighting the severity\nof the slowdown in sales.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

A total of 452 new commercial vehicles were sold in February, representing\nan increase of 18.9% m\/m and 13.9% y\/y. 386 Light commercial vehicles, 21\nmedium commercial vehicles, and 45 heavy and extra heavy commercial vehicles\nwere sold during the month. Light commercial vehicle sales rose 10.0% y\/y,\nmedium commercial vehicle sales rose 50.0% y\/y and heavy commercial vehicle\nsales increased by 40.6% y\/y. On a twelve-month cumulative basis, light\ncommercial vehicle sales have declined by 12.4% y\/y, medium commercial vehicles\nrose by 14.2% y\/y, and heavy commercial vehicles rose 17.1% y\/y. While the\npositive 12-month growth in medium- and heavy commercial vehicle sales is positive\nnews, the growth is from a very low base.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

During February, Toyota\novertook Volkswagen in terms of year-to-date market share of new passenger\nvehicles sold. Toyota claimed 29.6% of the market, followed closely by\nVolkswagen with 28.8% of the market. They were followed by Kia and Hyundai with\n7.8% and 6.4% of the market respectively, while the rest of the passenger\nvehicle market was shared by several other competitors.<\/p>\n\n\n\n

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On a year-to-date basis Toyota\nremained the leader in the light commercial vehicle space with a 57.0% market\nshare, with Nissan in second place with a 16.4% market share. Ford and Isuzu\nclaimed 8.6% and 6.2%, respectively, of the number of light commercial vehicles\nsold thus far in 2020. Mercedes leads the medium commercial vehicle segment\nwith 37.1% of sales year-to-date, while Scania was number one in the heavy and\nextra-heavy commercial vehicle segment with 22.4% of the market share\nyear-to-date.<\/p>\n\n\n\n

The Bottom\nLine<\/strong><\/p>\n\n\n\n

While the number of new vehicles sold in February is higher than the\nnumber sold in the prior two months, the cumultative number of new vehicles\nsold continues to decline on a rolling 12-month basis, and is trending at the\nlowest level in ten years. The downward trend in vehicle sales is likely to\ncontinue for the rest of the year as there are no indicators that economic\nconditions will improve substantially any time soon. Historical data indicates\nthat new vehicle sales typically pick-up somewhat in March, however we are of\nthe view that the increase in sales for the month will be relatively small. Recent\nnew vehicle sales figures suggest that vehicle owners are either holding on to\nthe vehicles they already own or purchasing second hand and imported vehicles.<\/p>\n","protected":false},"excerpt":{"rendered":"

799 New vehicles were sold in February, an increase of 19.1% m\/m from the 671 vehicles sold in January, and a 6.4% y\/y increase from the 751 new vehicles sold in February 2019. Two months into 2020 and 1470 new vehicles have been sold, of which 638 were passenger vehicles, \u2026 Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,20],"tags":[],"class_list":["post-23807","post","type-post","status-publish","format-standard","hentry","category-economicresearch","category-vehiclesales"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/23807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/comments?post=23807"}],"version-history":[{"count":2,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/23807\/revisions"}],"predecessor-version":[{"id":23814,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/23807\/revisions\/23814"}],"wp:attachment":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/media?parent=23807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/categories?post=23807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/tags?post=23807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}