October 2024 New Vehicle Sales

5 November 2024

October 2024, with 12,571 new vehicle sales, was the second-best month this year, trailing the highest month (January 2024) by only 78 units. This month’s total was 2.9% (373 units) lower than October 2023, with year-to-date sales down by 14.7% compared to 2023 (18,410 units) and 22.5% lower than 2022 (30,965 units).

The MIA Chief Executive, Aimee Wiley, noted that the October data revealed distinct patterns across vehicle categories, reflecting the market’s evolving dynamics.

Rental registrations comprised 36.5% of Light Passenger sales this October, rising from 31.7% in October last year. Year-to-date, rentals contributed 14.3% of Light Passenger sales, slightly up from 12.6% in the same period last year. This steady increase points to growth in rental fleet expansion, aligning with the sustained interest in short-term and travel rentals.

Meanwhile, Light Passenger Vehicles’ (LPV) market share declined by 2.1% this October and by 5.5% year-to-date, suggesting stable but slightly reduced demand in this traditionally dominant segment.

Light Commercial Vehicles (LCVs) reached an 18.9% share in October, up from 16.9% in October last year. Year-to-date, LCVs represent 26.9% of total industry sales, rising from 22.3% in 2023. The shift from LPVs to LCVs signals a growing preference for vehicles offering flexibility and versatility, particularly for mixed-use applications.

Heavy Commercial Vehicles (HCVs) continued their stable performance in October, reflecting a consistent year-to-date trend driven by business demand. Business buyers accounted for 57.4% of sales in October, underscoring the sector's essential role in supporting logistics and industry. Year-to-date data shows business purchases with a solid 77.9% share, highlighting the segment’s reliance on commercial and industrial demand.

October’s vehicle registration data indicates stability in core segments and emerging trends that reflect a gradual evolution in the market. With LCVs gaining popularity and LPVs holding a leading position, the industry is adapting to changing consumer preferences and economic factors.

© Scoop Media