Sharp Daily
No Result
View All Result
Friday, July 11, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Motorcycle sales drop by 52% in 2023, hits 15-year low

Austin Wekesa by Austin Wekesa
March 21, 2024
in News
Reading Time: 1 min read

There was a significant decrease in motorcycle purchases in 2023, reaching levels not seen since 2008, primarily due to elevated taxes and soaring fuel prices.

According to data from the Kenya National Bureau of Statistics (KNBS), motorcycle purchases plummeted by 52.6% to 62,338 in 2023 from 113,513 in 2022.

This decline was attributed to the imposition of various levies, such as the doubling of value-added tax (VAT) on petroleum products. Consequently, many motorcycle operators found it less profitable as they struggled to access fuel.

The trend of increasing motorcycle purchases, which had been observed since the government eliminated import taxes on these vehicles in 2008, was interrupted in 2023.

RELATEDPOSTS

Kenya’s inflation drops to 6.6% in December

December 29, 2023

This marked the second consecutive year of declining purchases, following a more than fifty percent decrease from the 285,203 units bought in 2021.

The government’s decision to raise VAT led to a reduction in demand, resulting in fuel consumption dropping to its lowest point in five years during the latter half of 2023. Concurrently, there was also a decrease in the purchase of passenger cars.

The registration of new saloon cars decreased by 13.5%, while station wagons saw a two percent decline, and vans experienced an 18.2% drop.

Despite these declines, there was a notable increase in the registration of commercial vehicles, indicating a growing reliance on mass public transportation due to the high cost of living and fuel prices.

Previous Post

KCB to forego dividends for the first time in 21 years

Next Post

Traffic measures unveiled for World Rally Championship

Austin Wekesa

Austin Wekesa

Related Posts

Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025
News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025

LATEST STORIES

Why Employers Should Prioritize Pensions Over One-Time Gratuity Payments

July 10, 2025
Business and Finance Concept - Coin, Currency, Financial Item, Graph,

Opinion: Why lower taxes may be Kenya’s only escape route

July 10, 2025

Nvidia becomes the first company globally to hit USD 4.0 trillion market value

July 10, 2025

Privatization in Kenya: A new dawn for capital markets and fiscal stability

July 10, 2025

How Kenya is future-proofing its economy against illicit finance

July 9, 2025

The importance of Investment Policy Statements (IPS) for pension schemes in Kenya

July 4, 2025

Understanding Life Cover as an Additional Benefit in Retirement Benefit Schemes

July 4, 2025

Del Monte foods files for bankruptcy in USA

July 3, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024