Australia 2024. Auto Market In February Continues Growing Exponentially

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The 2024 Ford Mustang Gt Convertible
The 2024 Ford Mustang Gt Convertible

Australian Vehicles Market off to a solid start in 2024. In February sales reached 102,102 units (+21.8%). Segemnt leader Toyota, owning 19.6% of the market, continues to grow (+34.6%).

Market Trend and Outlook

Positive trend observed at the start of the year continues through February, which marked the 13th monthly growth with 102,102 new registrations (+21.8%). YTD sales up to 189,744 (+14.0%). 

Looking at cumulative data up to February 2024, brand-wise Toyota reports the most sales at 37,277 (+34.6%), followed by Mazda at 15,515 (-9.1%), Ford -up 3 spots- at 13,899 (+9.9%) and Mitsubishi – up 2 spots- at 12,322 sales (+14.3%).

Hyundai maintains 5th position with 11,865 sales (+4.9%), in front of Kia -down 2 spots- at 11,848 (-1.3%) and Nissan -up 5 spots-with 9,317 registrations (+85.6%).

MG loses 1 spot and ranks into 8th with 8,480 sales (+1.2%), followed by Isuzu -up 1 spot- at 8,450 (+45.0%) and Subaru -down 1 spot- in 10th with 6,870 new registrations (-10.3%).

Looking at specific models the Ford Ranger is the best selling car (+9.5%). The Toyota Hilux in second with a 5.3% gain in year-on-year registrations.

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 the momentum from the last 6 months of 2022 continues, with the first months of the year maintaining the uptrend. Despite starting off on the right foot, the Australian vehicles market in 2023 will have to confront a few issues that put negative pressure on sales: the disruption in the global supply chain due to a lack of raw materials and the Governments push towards Evs will continue into 2023. Infact it closed at 1.18 million sales, a 12.7% growth from last year. 

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Groups, and top 10 Models.

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