Australian Vehicles Market is on a negative streak in 2024. Sales in November reached 98,412 (-9.4%), posting the 4th straight month of negative year-on-year growth. Even so, YTD growth stayed positive at 1,10 million units (+1.6%).
Market Trend and Outlook
Australia’s real GDP growth is projected to slow to 1.5% in 2024, primarily due to the dampening effects of higher interest rates on household and business spending, before recovering to 2.2% in 2025. The unemployment rate is expected to rise moderately, reaching 4.3% by 2025, which should help ease wage pressures. Although some services inflation is anticipated to remain elevated throughout 2024, suggesting that monetary policy will need to stay restrictive in the short term. The Reserve Bank of Australia is likely to keep the cash rate at 4.35% until inflation clearly declines, while fiscal policy will provide slight expansionary support in 2024 before tightening modestly in 2025
To support medium-term economic growth, productivity-enhancing reforms, such as improving labour mobility and aligning product standards with other advanced economies, will be crucial. These reforms, alongside measures to manage fiscal pressures from an ageing population and climate transition, could help ensure sustained economic recovery.
November saw another decline in new light vehicle sales (car passenger plus light commercial vehicles), following a few unstable months that interrupted a string of 16 consecutive growing months. Monthly sales in November 2024 reached 98,412 (-9.4%), with YTD figures at 1,10 million units (+1.6%).
Looking at cumulative data up to November 2024, brand-wise, the leader was still Toyota with 223,407 sales (+14.2%), followed by Ford -up 1 spot- with 90,362 (+16.3%), while Mazda -down 1 spot- ranked 3rd, with sales reaching 88,584 (-5%).
In fourth place Kia with 75,539 sales (+7.1%), followed by Mitsubishi -up 1 spot- with 68,744 sales (+17.7%) and Hyundai -down 1 spot- with 66,980 (-4.7%).
In seventh place MG with 46,801 registrations (-14.1%) ahead of Isuzu, which gained 2 spots, with 44,614 sales (+13%), Nissan -up 3 spots- with 41,215 sales (+2.2%) and in 10th place Subaru -down 1 spot- with 37,587 sales (-11.4%).
Looking at the top selling models, widely reported in the dedicated article, the leader was still the Ford Ranger (+4.5%) followed by the Toyota RAV4 (+95.4%) and the Toyota Hilux (-10.4%).
Medium-Term Market Trend
In the past decade the Australian vehicle market has remained relatively stable. In 2010 and 2011 sales remained around 950k registrations. While in 2012 with a 12.6% growth light vehicle sales rose above 1 million and stayed above this mark until the arrival of the pandemic. During these 8 years sales didn’t fluctuate much reaching a maximum of 1.17 million in 2016 an a minimum in 2019 at 1.04 million sales.
With the arrival of Covid-19 in 2020 the Australian vehicle market took a 15.1% hit moving sales down to 880k registrations.
This drop, enhanced by the closing down of manufacturing plants and distributors ,didn’t last long. In fact, in 2021 sales jumped back above the 1 million mark with a y/y growth of 14.9%. 2022 maintained the momentum and grew another 1.5% in volume.
In 2023 vehicles sales grew up again at 1.18 million sales, a 12.7% growth from the previous year.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Groups, and top 10 Models.
