South Africa – July 2024 – FAW Trucks Southern Africa, a leading global player in commercial vehicle manufacturing, reaffirms its commitment to growth in the dynamic South African truck market. As the industry experiences steady expansion, FAW Trucks SA remain at the forefront, delivering cutting-edge solutions and building lasting partnerships with businesses worldwide.
Key Developments in the South African Truck Market
Over the past decade, the South African truck market has witnessed remarkable growth. In 2005, market predictions indicated a 10.5% increase, reaching 23,000 units—a record at the time. This growth was fuelled by an expanding economy. Looking ahead, forecasts continue to be optimistic, projecting sustained growth over the next decade.
According to Statista, the Trucks market in South Africa is projected to reach a total of 18,620 vehicle unit sales in 2024. Looking ahead, it is expected to experience an annual growth rate of 1.77% (CAGR 2024-2029), resulting in a projected market volume of 20,330 vehicle units by 2029. FAW Trucks Southern Africa is well-positioned to keep up with this market projection, as the company’s expanding and diverse product range as well as the strategic focus on the Southern African region, give it a unique advantage to adapt and capitalise on the industry’s growth. This was reflected in the recent NADA Dealer Awards where FAW Southern Africa was awarded a Gold Award, demonstrating its success in customer and current dealer network satisfaction.
Additionally, the production of trucks in South Africa is also expected to increase significantly, reaching 30,460 vehicle units by 2029. This indicates further development and expansion within the industry. It’s worth noting that China is projected to have the highest sales volume in 2024, with an estimated total of around 1,7 Million vehicle unit sales, emphasizing the global demand for commercial trucks and the important contribution of the Chinese brand segment to the global industry.
Challenges and Opportunities Ahead
Despite this success, South Africa faces challenges in maintaining its position as a prominent truck assembler. The African Continental Free Trade Area agreement is expected to attract local truck assembly in other African countries, including Egypt and Kenya. However, FAW Trucks Southern Africa remains optimistic about the future with the Southern African footprint giving the brand a unique advantage.
Looking Ahead: FAW Trucks Southern Africa’s Vision
As we look toward 2030, the South African truck assembly industry is poised for further expansion. Forecasts predict up to 33,000 units, reflecting continued growth potential. FAW Trucks SA remain committed to delivering innovative solutions, supporting businesses, and contributing to the nation’s economic progress. To better reflect its growing presence across the Southern African region, FAW Trucks has recently rebranded to FAW Trucks Southern Africa. This strategic move underscores the company’s dedication to expanding its footprint and serving customers throughout the continent with unparalleled expertise and service.
About FAW Trucks Southern Africa
FAW Vehicle Manufacturers SA (PTY) Ltd, established in 1994, is a leading global player in commercial vehicle manufacturing, committed to delivering cutting-edge solutions. With over 71 years of experience globally and as one of the only OEMs to have such a diverse and extensive range from small to extra heavy vehicles, FAW Trucks Southern Africa continues to be a trusted partner for businesses regionally and worldwide.
