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Kenya’s vehicle sales for FY 2024 decline by 4% despite late-year recovery
Globally: Key Findings: Passenger vehicle sales are returning to pre-pandemic levels, reaching 91.7 million shipments in 2023 and 94.7 million shipments in 2024. The 3.3% sales growth in 2024 is down from the 11.7% growth rate in 2023. The Electric Vehicle (EV) market is experiencing a mild slowdown.
Kenyan automakers reported a decline in full year 2024 sales, with total aggregate vehicle sales dipping by 4% to 11,352 units, compared to 11, 769 a year before – despite late-year recovery.
The latest figures by the Kenya Motor Industry Association (KMIA) – the industry’s lobbyist, show that in auto dealers sold a total of 2,240 units in November and December 2024 alone, the only second that happened in the year.
The only other time industry players sold over 1,000 units on the bounce was in August and September when dealers sold 1,028 and 1,010 total units consecutively.
Vehicle inventory levels dropped last year, but incentives are expected to increase in the New Year, even though there’s growing uncertainty surrounding a shaky economy, interest rates and a wobbly regime riddled with recurrent cabinet reorganizations – which is said to have a negative impact on the effectiveness of the Government.