September New Vehicle Registrations Strengthen, Boosted By Rental Sales

New vehicle registrations in September 2024 saw a notable rise, increasing by 8.0% (868 units) compared to September 2023, reflecting a 12.8% improvement over the average monthly result for the year to date.

The new vehicle market has faced considerable challenges in 2024, with registrations down 16.1% year-to-date compared to 2023, and a 23.5% decline compared to 2022. The light passenger segment has struggled with reduced volumes and a significant shift in consumer demand motive power preferences. However, the data from September offers a promising indication of market stabilisation, primarily driven by robust rental vehicle registrations. During September, 3,089 rental units were registered, contributing to 35.8% of total rental sales year-to-date.

While 2024 registrations still trail 2023 figures by 16.1% (18,057 units), September's positive performance provides early signs of potential recovery, offering hope for a turnaround in the coming months.

Light Passenger Vehicles (including SUVs)

Registrations

In September 2024, light passenger vehicle registrations reached 8,590 units, marking a 5.4% increase over September 2023 but remaining 19.0% below September 2022 levels. Year-to-date figures indicate a more substantial decline, with sales down 23.2% compared to 2023 (a decrease of 18,665 units) and 28.0% lower than the same period in 2022 (24,096 units).

Light passenger by buyer type: Top 3

1. Business 3,078 units and 35.8% share

2. Rental 2,756 units and 32.1% share

3. Private buyer 2,634 units and 30.7% share

Top selling light passenger models: Top 3

1. Toyota RAV4, 1,172 units and 13.6% share

2. Toyota Yaris Cross, 384 units and 4.5% share

3. Mitsubishi ASX, 379 units and 4.4% share

Segmentation – what consumers are buying: Top 3

1. SUV medium 2,990 units (34.8% share of Light Passenger)

2. SUV compact 2,759 units (32.1% share of Light Passenger)

3. SUV Large 919 units (10.7% share of Light Passenger)

The small to medium segments comprised 83.4% of Light passenger.

Top-selling models (by motive power)

Battery Electric Vehicles (BEVs):

The top five models in September were the Nissan Leaf (202 units), Ford Mustang Mach-E (110 units), Tesla Model Y (88 units), Volkswagen ID.4 (49 units) and Volkswagen ID.5 (42 units).

Plug in Hybrid Vehicle (PHEVs):

The top five models in September were the Mitsubishi Eclipse Cross (161 units), followed by the Mitsubishi Outlander (41 units), BYD Sealion 6 (34 units), Hyundai Tucson (17 units) and Skoda Superb (13 units).

Hybrid Vehicle (HEVs):

The top five models in September were the Toyota RAV4 (1,172 units), followed by Toyota Yaris Cross (384 units), Toyota Corolla (266 units), Ford Escape (155 units) and Toyota Highlander (131 units).

Light Commercial Vehicles

Registrations

Light commercial vehicle registrations in September 2024 totalled 2,586 units, reflecting a significant 28.6% increase (575 units) compared to September 2023. However, this figure remains 945 units below the September 2022 total of 3,531. Year-to-date, registrations have seen a modest growth of 2.5% (an additional 638 units) compared to the same period in 2023.

Light commercial by buyer type: Top 3

1. Business 1,904 units and 73.6% share

2. Private 409 units and 15.8% share

3. Rental 273 units and 10.6% share

Top selling light commercial models: Top 3

1. Ford Ranger, 928 units and 35.9% share

2. Toyota Hilux, 624 units and 24.1% share

3. Mitsubishi Triton, 270 units and 10.4% share

Segmentation – what consumers are buying: Top 3

1. Pick-up/Chassis Cab 4x4 1,743 units (67.4% share of Light Commercial)

2. Pick-up/Chassis Cab 4x2 481 units (18.6% share of Light Commercial)

3. Vans 308 units (11.9% share of Light Commercial)

Motive Power

Light Commercial BEVs: 8 units in September, 151 units year-to-date.

Heavy Commercial Vehicles

Registrations

In September 2024, heavy commercial vehicle registrations stood at 601 units, representing a 19.7% decline (147 units) compared to September 2023 and a 19.4% drop (145 units) from September 2022. On a year-to-date basis, registrations are slightly down by 0.5% (30 units) compared to 2023 but remain 9.2% higher (487 units) than the same period in 2022.

Heavy commercial by buyer type: Top 3

1. Business 464 units and 77.2% share

2. Rental 60 units and 10% share

3. Private 57 units and 9.5% share

Heavy commercial brand retail share: Top 3

1. Isuzu Trucks, 64 units and 10.6% share

2. Fuso, 58 units and 9.7% share

3. Scania, 56 units and 9.3% share

Heavy commercial models retail share: Top 3

1. Ford Transit, 47 units and 7.8% share

2. Mercedes-Benz Sprinter, 45 units and 7.5% share

3. Iveco Daily, 34 units and 5.7% share

Motive Power

Heavy Commercial BEVs: 1 unit in September, 168 units year-to-date.

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