Kenya’s Auto market in September 2023 falls for the 4th month in a row, reporting 364 new light vehicle registrations (-57.5%). YTD figures at 7,985 are down 28.3% from the previous year.
Market Trend and Outlook
Kenya’s vehicle market in September 2023 falls for the 4th consecutive month, reporting 1364 new light vehicle registrations (-57.5%). YTD figures at 7,985 are down 28.3% from the previous year.
Looking at cumulative data up to September 2023 brand-wise, this year’s leader is still Isuzu with 48.6% market share and a 28.7% decrease in sales, followed by Toyota with 29.9% market share and a 34.1% loss in volume. Ford becomes the 3rd best selling brand in Kenya.
Medium-Term Market Trend
Following a quite positive period, which ended with the all-time record hit in 2015 with 19,515 vehicles (including HCVs & Bus) sold, the Kenyan vehicles market was hit by the economic crisis and started falling down, losing in two years over 40% of volume, with 2017 total vehicle sales (including HCVs) reaching just 11,031 (-18.2%).
In 2018 the mood changed and the market recovered. Sustained by private consumption the market scored a recovery above any expectations. Indeed, according to data released by the Kenyan Motor Industry Association, the market grew, gaining 28.0% from 2017, with registrations at 14,124.
In 2019 despite a very good start, with Q1 up in double-digits, the market progressively lost steam ending Q4 with a sharp decline. Full-year sales reached 21,877, up 54.9%.
Because of the COVID-19 pandemic sales significantly decreased in 2020. In fact, sales totaled 14,626, a 33.1% fall compared to 2019.
The market gained back some momentum in 2021, rising 36.9% to 20,028 new yearly sales. While 2022 interrupted this brief uptrend, falling 2.0% to 15,941 sales
