We maintain our core view about Zambian new vehicle market growing strongly over the next five years, reaching over 6,200 sales in 2017. That will mark an impressive 135% increase in market size compared with the levels estimated for 2012. Although the low vehicle ownership and the macroeconomic climate remain supportive of strong growth, we highlight that the fast expanding used vehicle market could prove to be the most potent deterrent for new vehicle sales in the country. In May 2013, after months of speculation the Zambian government announced that it will not limit the age of used vehicles entering …
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