Gabon’s Auto market in 2022 reverses the downtrend set in 2021, with 2,298 new sales reported, a 19.9% increase from the prior year.
Market Trend and Outlook
Gabon’s car market in 2022 surges after reporting an 11.4% loss in 2021. The market, in fact, totaled 2,298 sales, a 19.9% increase from the prior year.
Looking at cumulative data from 2022 brand-wise, this year’s leader is still Toyota up 26.1% in sales, followed by Mitsubishi which also gained in double digits (+23.0%). Isuzu maintains 3rd spot rising 24.8% in volume. The top 3 brands in Gabon combined hold more than 50% of market share.
Medium-Term Market Trend
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 to a very low 2,013 in 2018.
In 2019, the market managed to react, signing a sign of recovery. Indeed, Full-year sales totaled 3,279, surging 13.3% from the previous year.
Due to the COVID-19 Pandemic full-Year sales for 2020 have been 2,165, reporting just a decline of 12.1% compared to 2019.
Following the pandemic the market continued the downfall, dropping 11.4% to 1,918 cumulative new sales.
