Angola vehicles market in 2019 reported a double-digit drop. Indeed, the Full-year ended at 10.737 units sold (-15%). Toyota consolidated the market, with impressive performances scored by the Fortuner and the Land Cruiser, holding near 40% of market share.
Economic Environment
Angola’s economy appears to have remained trapped in recession in the fourth quarter of 2019 after contracting at the sharpest rate in a year in the third quarter. Activity in the all-important oil sector seemingly shrank again in Q4 as slumping domestic output likely outweighed higher global crude prices compared to Q3.
Adding to the slew of negative news, a depreciating kwanza boded ill for household spending in the final quarter of 2019, thus curbing domestic demand growth.
Market Trend
Despite this country is among the most stable and rich in the entire African continent, the automotive industry is involved in the hardest crisis ever, due to the persistent recession, increased taxation and increase import of used vehicles.
For all these reasons combined, the domestic market is in free-fall after having hit in the 2014 the all time record with 40.000 units.
In that year Angola surged among the top 10 countries in Africa!
However, when in the 2015 the price of crude oil in the international market started to deeply fall, to not really recovered, the economy – too depending by oil industry – entered in a recession and the political restrictive actions have only further hit the economy, killing internal demand for consumers goods. Indeed, in the following years the market lost terrain, falling at just 12.558 units in 2018.
In 2019, reported a double-digit drop. Indeed, the Full-year ended at 10.737 units sold (-15%).
Toyota consolidated the market leadership, with impressive performances scored by the Fortuner and the Land Cruiser, ending the year with near 40% of market share, ahead of Hyundai and Suzuki.
Tables with sales figures
In the tables below we report sales for Top Brands
