Car Craze Hits High, Mauritians Purchase More New Vehicles

According to the latest figures from the National Land and Transport Authority, 8,759 vehicles were registered in Mauritius by the end of June 2024, a 19.9% increase compared to the same period in 2023. This surge in vehicle sales is a significant indicator of the country’s economic recovery and growth.

When compared to the pre-pandemic period in 2019, the sales of new vehicles have increased by a staggering 47.5% during the first half of 2024. In 2019, only 5,940 vehicles were sold during the same period.

Despite predictions of a slower recovery, Mauritius has bounced back stronger than expected.

The country’s economy has shown consecutive increases of 28.8% and 16.4% in vehicle sales in 2022 and 2023, respectively. This trend is consistent with that of high-income countries.

Car dealerships attributed the growing demand for new vehicles to a genuine enthusiasm for hybrid and electric vehicles, which is a welcome development for the environment.

However, they note that supply is struggling to keep up with demand due to global supply chain delays. If not for these delays, sales figures could have been even higher.

Economists attribute the strong performance of the automotive sector to the vitality of Mauritius’ economy following the COVID-19 crisis.

The country’s economy has seen significant growth, with average household income increasing from Rs 29,421 in 2012 to Rs 55,600 in 2023.

This rise in income has not only improved the purchasing power of Mauritian households but also instilled a sense of confidence among citizens.

As a result, car financing for new family vehicles has become more accessible. With easy credit options available, many households can now afford a new car at an affordable monthly payment of Rs 5,500.

The surge in vehicle sales is expected to reflect positively on the country’s investment and Gross Domestic Product (GDP) figures in the coming months, providing a promising outlook for Mauritius’ economic prospects.

Source: l’Express