Record-Breaking Month for Australian New-Vehicle Sales in March 2024
Are we witnessing a new era in the Australian automotive industry?
March 2024 proved to be a milestone month for new-vehicle sales in Australia, with a record-breaking volume of 109,647 units sold. This surpasses the previous record set in March 2018. Additionally, it marks the ninth month out of the past 12 to achieve a new Australian monthly sales record. Let’s dive into the details of this remarkable feat.
For the year-to-date period from January to March, Australian new-vehicle sales reached a record-breaking figure of 304,452 units. This represents a notable increase of 13.2% compared to the same period last year. The automotive industry experienced steady growth despite ongoing cost of living pressures and the upcoming challenges associated with the introduction of the New Vehicle Efficiency Standard (NVES) in less than nine months.
One of the key trends in the market is the growing popularity of electrified powertrains. Hybrid, plug-in hybrid, and battery electric vehicles now account for nearly one in four new vehicles sold in Australia. SUVs continue to dominate as the preferred body style, representing more than half of the new-vehicle market. This reflects the changing preferences of Australian car buyers, who value fuel efficiency and versatile driving experiences.
According to Tony Weber, the chief executive of the Federal Chamber of Automotive Industries (FCAI), this record-breaking achievement is indeed commendable. However, he cautions car brands not to become complacent. The industry must remain mindful of the ongoing cost of living pressures and the impending challenges brought about by the NVES.
When it comes to individual brand performance, Toyota maintains its position as the top-selling brand in Australia. In March 2024, Toyota sold 18,961 units, accounting for 17.3% of the market share. Ford follows closely behind with 8,776 sales (8.0% share), while Mazda secures the third spot with 8,246 units (7.5% share). Looking at year-to-date sales, Toyota leads the pack with 56,238 units sold, capturing 18.5% of the market share. Mazda takes the second spot with 23,761 sales (7.8% share), and Ford secures the third position with 22,675 sales (7.4% share).
Among the top 10 vehicle makes in year-to-date sales, Toyota has experienced the highest year-on-year growth with a remarkable 37.4% improvement. Tesla follows closely with a 22.9% increase, while Mitsubishi shows a 21.3% higher volume compared to the same period in 2023.
SUVs have emerged as the top-selling vehicle segment, with 64,631 units sold in March 2024. This accounts for 58.9% of total sales, reflecting a steady increase from the previous year. Although the passenger segment saw a slight increase in volume (17,611 units), its market share dropped from 17.7% in March 2023 to 16.1% in March 2024. The light commercial segment experienced an increase in volume (23,061 units) but a slight decrease in market share, falling from 22.6% in March 2023 to 21.0% in March 2024. Heavy commercial sales and market share both declined, indicating potential shifts in consumer preferences or economic factors.
In terms of electric and internal combustion engine (ICE) vehicle sales, electrified vehicles (hybrid, plug-in hybrid, and battery electric) accounted for 23.5% of the total market share in March 2024. Battery electric vehicles specifically represented 9.5% of new vehicle sales, showing a significant increase from 6.8% in March 2023. Hybrid and plug-in hybrid sales also experienced growth, reaching a 14.0% market share compared to 6.0% in 2023.
Breaking down the sales figures by state and territory, all regions except Tasmania saw improvements compared to March 2023. The Australian Capital Territory (ACT) experienced a slight increase of 0.5%, while New South Wales (NSW) achieved an impressive 11.7% growth. Other notable increases include Northern Territory (+19.8%), Victoria (+24.9%), and Western Australia (+9.3%). Tasmania was the only region to witness a decrease of 0.6%.
In conclusion, March 2024 has proven to be a historical month for new-vehicle sales in Australia. This record-breaking achievement showcases the resilience of the automotive industry in the face of challenges. However, it’s crucial for car brands to remain vigilant and adaptable to the changing landscape. With electrified powertrains and SUVs leading the way, Australian car buyers are embracing sustainable and versatile options. As we move forward, the industry must navigate the upcoming New Vehicle Efficiency Standard (NVES) and continue to deliver on the evolving needs and expectations of consumers.
Are we witnessing a new era in the Australian automotive industry? With record-breaking sales and a growing preference for electrified powertrains, it seems like the tide is turning. But what does the future hold for car brands and consumers alike? Only time will tell.
- March 2024 sets a new record for Australian new-vehicle sales
- Year-to-date sales for January to March reach an all-time high
- Electrified powertrains and SUVs dominate the market
- Toyota remains the top-selling brand in both March and year-to-date sales
March 2024 sets the stage for a new chapter in Australian new-vehicle sales history. With record-breaking figures, increasing popularity of electrified powertrains, and SUVs dominating the market, the automotive industry is experiencing a significant shift. While this achievement is commendable, the industry must remain vigilant and adaptable. The introduction of the New Vehicle Efficiency Standard (NVES) and ongoing cost of living pressures pose potential challenges. However, with the right strategies, car brands can continue to thrive and meet the evolving needs of Australian car buyers.