South Africa: Passenger Car Market 2024

Passenger Car Market Size in South Africa

The South African passenger car market skyrocketed to $X in 2021, growing by 24% against the previous year. The market value increased at an average annual rate of +4.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Passenger Car Production in South Africa

In value terms, passenger car production expanded notably to $X in 2021 estimated in export price. Over the period under review, the total production indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -8.8% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 25% against the previous year. Passenger car production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Passenger Car Exports

Exports from South Africa

Passenger car exports from South Africa rose slightly to X units in 2021, picking up by 1.8% on the previous year. Overall, exports, however, showed a perceptible reduction. The most prominent rate of growth was recorded in 2016 when exports increased by 200%. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, passenger car exports soared to $X in 2021. Over the period under review, total exports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -20.1% against 2019 indices. The most prominent rate of growth was recorded in 2015 when exports increased by 27% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X units) was the main destination for passenger car exports from South Africa, accounting for a 60% share of total exports. Moreover, passenger car exports to Germany exceeded the volume sent to the second major destination, the United States (X units), sixfold. Australia (X units) ranked third in terms of total exports with a 5.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany amounted to +10.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-17.4% per year) and Australia (-3.8% per year).

In value terms, Germany ($X) remains the key foreign market for passenger cars exports from South Africa, comprising 53% of total exports. The second position in the ranking was held by the United States ($X), with a 15% share of total exports. It was followed by Australia, with a 5.2% share.

From 2012 to 2021, the average annual growth rate of value to Germany stood at +20.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-9.5% per year) and Australia (+3.4% per year).

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, surging by 14% against the previous year. Overall, the export price posted resilient growth. The pace of growth was the most pronounced in 2015 an increase of 311%. As a result, the export price attained the peak level of $X per unit. From 2016 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Germany ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+14.9%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into South Africa

After three years of decline, purchases abroad of passenger cars increased by 48% to X units in 2021. Overall, imports, however, saw a noticeable downturn. Imports peaked at X units in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, passenger car imports soared to $X in 2021. In general, imports, however, showed a abrupt contraction. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, India (X units) constituted the largest passenger car supplier to South Africa, with a 50% share of total imports. Moreover, passenger car imports from India exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. China (X units) ranked third in terms of total imports with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India totaled +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-6.2% per year) and China (+4.2% per year).

In value terms, the largest passenger car suppliers to South Africa were India ($X), Germany ($X) and Japan ($X), with a combined 58% share of total imports. These countries were followed by the United States, China, South Korea, Spain, the UK and Indonesia, which together accounted for a further 27%.

Among the main suppliers, China, with a CAGR of +13.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average passenger car import price amounted to $X per unit, growing by 2.1% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 31% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+72.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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