Gabon vehicles market falls due to the global pandemic affecting sales. Indeed, Full Year 2020 sales are 2.165, down 12.1% compared to 2019. Toyota remains the undiscussed leader, followed by Ford and Isuzu.
Economic Environment
Gabon is a central African country rich is natural resources. With a population of 1.7 million over a surface area of 268,000 square kilometers, Gabon is a sparsely populated country with forests covering 85% of the territory. Gabon is an upper-middle-income country.
The fifth largest oil producer in Africa, it has experienced strong economic growth over the past decade, driven in particular by oil and manganese production. On average, over the past five years, the oil sector has accounted for 80% of exports, 45% of GDP, and 60% of budget revenue.
However, the country is facing a decline in its oil reserves. The Gabonese government has therefore based its new strategy on economic diversification.
Market Trend
The Cameroon vehicle market has been affected in 2020 by the global COVID-19 pandemic, which impacted sales significantly.
The recent economic crisis generated by the fall of oil prices in the international market hit the new vehicle demand and the market declined in the last 5 years. Indeed, after the record scored in 2013 with 5.735 units, sales declined at a very low 2.013 in 2018.
In 2019, the market managed to react, signing a sign of recovery. Indeed, Full-year sales have been 3.279, surging 13.3% from the previous year.
Full-Year sales for 2020 have been 2.165, reporting a 12.1% decrease compared to 2019.
Brand-wise, this year the leader Toyota (-8.6%) gained 1.3% market share, followed by Ford (-20.3%), which lost 1.1% share. Isuzu (-2%) was in the third position and gained 0.9% market share.
The most sold model in the country remains the Toyota Hilux with 378 sales (-17.1%), holding 17.5% market share.
