The number of commercial vehicles in use in Zambia has experienced a varied trend over the past years. In 2023, the number stood at 140,000 units. From 2020, there was a notable dip of 15.73%, but this was followed by substantial recovery in 2021 with a 17.04% increase, and a steady rise from 2022 onward. The year-on-year increase in 2023 was 1.45%. The compound annual growth rate (CAGR) over the last five years was 1.81%, indicating moderate growth.
Future trends to watch for:
- Steady growth is forecasted with a 5-year CAGR of 1.3% from 2024 to 2028, indicating an overall 6.7% increase over this period.
- Potential impacts of economic policies and external market conditions on the commercial vehicle sector.
- Technological advancements and evolving transportation needs contributing to potential shifts and demands in the market.
