Forecast: Trucks Production in South Africa

In 2023, the truck production in South Africa stood at 31.77 thousand units. The truck production sector has experienced various fluctuations with notable declines during 2016 (-11.81%) and 2020 (-18.94%), but witnessed a remarkable recovery with growth in subsequent years, particularly a 19.51% increase in 2021 and a further 5.02% rise in 2023. The average annual growth rate (CAGR) over the past five years was 2.93%, indicating a steady recovery and positive growth trajectory.

Future trends to watch for:

• Continued steady growth with a forecasted CAGR of 3.32% over the next five years.
• Total five-year forecasted growth rate is expected to be 17.73%, reaching 39.18 thousand units by 2028.
• Emerging technologies and sustainability initiatives in automotive manufacturing.
• Potential economic and policy shifts impacting production volumes.