South Africans clock up 21 used car searches per second
An impressive 21 used car searches took place every second in South Africa during the first half of 2024. This is one of many fascinating insights to emerge from the 2024 AutoTrader Mid-Year Car Industry Report.
The theme of this year's report is #RethinkAutoSales, and – as George Mienie, CEO of AutoTrader, explains – traditional car selling methods are becoming outdated. “Hence, new data points and innovative strategies are needed. Successful dealers have embraced the #RethinkAutoSales strategy. They are creating efficiencies, emphasising transparency, and meeting consumer needs by utilising market intelligence, which is available thanks to AutoTrader technology and data analytics,” he explains.
The data to which Mienie refers is unpacked in the 2024AutoTrader Mid-Year Car Industry Report, which is freely available online.
Total new and used vehicle sales are demonstrating markedly different trends. According to the report, by the end of June 2024, 172,668 used cars were sold – an increase of 2.2% over H1 2023 (when 168,897 used cars were sold). In contrast, naamsa | The Automotive Business Council, achieved a total of 161,981 passenger cars sold by the end of June 2024. This is a decrease of -6.9% over H1 2023 (when 173,903 passenger cars were sold).
Research also reveals that new versus used trends differ when it comes to Chinese brands. In the new car market, it is estimated that around 20% will be taken up by Chinese brands by the end of this year – but this trend has not impacted used car advert views.
Used vehicle searches also grew in the first six months of 2024. In the first half of this year, over 328 million searches were conducted (21 consumer searches per second), reflecting a 5% increase over the previous year.
In the first six months of 2024, 192 million Consumer Advert Views (CAVs) were opened, reflecting a year-on-year increase of 16%. This is the largest ever increase in CAVs.
The AutoTrader data also reveals that the market share is growing for the more affordable models (when it comes to the top 10 enquired on brands). Hence, 2024 has marked a year in which consumers are voting with their wallets and not their aspirations. In keeping with this theme, Suzuki has made an appearance in the list of the top 10 most-searched-for brands for the first time, replacing Porsche in 10th place. The Suzuki Swift is also a new entrant on the list of the top 10 most enquired on models, edging out the Ford Fiesta in the process.
In previous years, the Toyota Hilux has typically been the most enquired on model. This year, it lost that position to the Volkswagen Polo. The Hilux is now the second most enquired on model, followed by the Ford Ranger.
When it comes to the most-searched-for models, the Volkswagen Polo is the star of the show, jumping four places to second position. As a result, the Volkswagen Golf has moved out of the top three most searched for models, and is now in fourth place.
In the vehicle sales stakes, the Suzuki Swift and Kia Picanto now appear on the list of the top 10 most sold models. The Swift is in eighth place while the Picanto is in ninth. These popular hatchbacks have replaced the Ford EcoSport and Isuzu D-Max.
The used new energy vehicle (NEV) marketplace has seen some significant changes this year too. For instance, the BMW iX jumped from the fifth highest selling electric vehicle (EV) in H1 2023 to the best-selling EV in the first six months of 2024. Furthermore, there was an 88% year-on-year increase in used hybrids sold in 2024, which indicates the increase in popularity of this NEV.
In conclusion, the 2024 AutoTrader Mid-Year Car Industry Report highlights a dynamic shift in South Africa's automotive market, with increasing consumer interest in affordable models and NEVs. The insights from this report emphasise the importance of adaptability in the face of changing market dynamics, as dealers and consumers navigate the future of car sales.
Notes
The anticipated 2024 AutoTrader Mid-Year Car Industry Report covering a period of six months (1 January - 30 June 2024) was released on 27th August 2024. This report marks the 16th in-depth analysis aimed at providing valuable insights into car-shopper buying behaviours, consumer patterns and South Africa’s used car automotive landscape.
With over 64 million platform visits and over 328 million searches across more than 80 000 listings in the first six months of 2024, AutoTrader is the largest digital automotive marketplace in South Africa.
Through analysis of data and user interactions, the report uncovers crucial information about the preferences of car buyers, highlighting the most sought-after Makes, Models, and Variants.
By honing in on the specific needs and desires of car consumers, this report serves as an essential resource for industry players, marketers, and car manufacturers seeking to understand the ever-changing dynamics of the South African automotive market. Understanding which cars hold the most appeal to consumers can significantly impact marketing business strategies and product development initiatives.
With over two decades of expertise and rich historical data backing it, the 2024 AutoTrader Mid-Year Car Industry Report is anticipated to offer unparalleled insights, empowering stakeholders to make data-driven decisions and stay ahead of the curve in an increasingly competitive automotive landscape.
