November 2024 New Vehicle Sales

November 2024, with 12,170 new vehicle sales, was 16.2% (2,349 units) lower than November 2023. Year-to-date sales were down by 14.9% compared to 2023 (20,759 units) and 22.5% lower than 2022 (34,416 units).

The MIA Chief Executive, Aimee Wiley, noted that the November data revealed distinct patterns across vehicle categories, reflecting the market’s evolving dynamics. Light Passenger Vehicles’ (LPV) market share declined by 5.5% this November and by 5.5% year-to-date, suggesting stable but slightly reduced demand in this traditionally dominant segment.

Light Commercial Vehicles (LCVs) reached a 19.6% share in November, up from 14.9% in November last year. Year-to-date, LCVs represent 26.2% of total industry sales, rising from 21.5% in 2023. The shift from Light Passenger to Light Commercial signals a growing preference for vehicles offering flexibility and versatility, particularly for mixed-use applications.

Heavy Commercial Vehicles (HCVs) continued their stable performance in November, reflecting a consistent year-to-date trend driven by business and rental demand. Business buyers accounted for 50.2% and Rental buyers 40.6% of sales in November, underscoring the sector's essential role in supporting logistics and industry. Year-to-date data shows business purchases with a solid 74.8% share, highlighting the segment’s reliance on commercial and industrial demand.

Key Industry Insights

© Scoop Media