Forecast: Commercial Vehicles in Use in South Africa

The commercial vehicles in use in South Africa stood at 3.59 million units in 2023. Historical data indicates a general upward trend from 3.05 million units in 2013 to 3.4 million units in 2019, followed by a significant drop in 2020 to 2.86 million units. The market rebounded in subsequent years, reaching 3.54 million units in 2022. Year-on-year variations over the last two years have been volatile, with a drop of 15.84% in 2020 and a recovery of 16.01% in 2021. The Compound Annual Growth Rate (CAGR) over the last five years is 1.35%.

Future trends to watch for:

• Continued recovery and growth in the commercial vehicle market post-2020 downturn.
• Forecasted CAGR of 1.01% from 2023 to 2028 signaling moderate market growth.
• Impacts of economic conditions, technological advancements, and government policies on commercial vehicle usage.