New Zealand’s new vehicle market has hit a significant slump, with June 2024 recording only 9,423 vehicle registrations according to the Motor Industry Association (MIA). This marks a sharp 60% drop from June 2023 and a 21.8 percent decrease from June 2022
Market Leaders and Segments
Toyota maintained its position as the market leader with a 20.8% share (1,964 units), followed by Ford with 14.0% (1,319 units), and Mitsubishi with 11.8% (1,116 units).
In June, light passenger vehicles accounted for 6,067 units, light commercial vehicles for 2,762 units, and heavy commercial vehicles for 594 units.
Internal Combustion Engine (ICE) vehicles dominated with 69.3% of the market share (6,533 units), followed by mild hybrids at 22.4% (2,115 units), battery electric vehicles (BEVs) at 5.8% (548 units), and plug-in hybrids (PHEVs) at 2.4% (227 units).
Light Passenger Vehicles
Light passenger vehicles saw a significant decline of 64.9% from June 2023 (11,232 units) and 36.6% from June 2022 (9,563 units). Year-to-date figures are down 34.2% compared to 2023 and 28.7% compared to 2022.
Businesses comprised 49.0% of buyers (2,973 units), private buyers 42.6% (2,585 units), and rentals 4.9% (299 units).
The Toyota RAV4 led with 556 units, followed by the Mitsubishi Outlander (255 units) and the Mitsubishi ASX (252 units).
SUV Medium (33.6%), SUV Compact (28.8%), and SUV Large (13.2%) were the top segments, with small to medium segments comprising 78.4% of light passenger vehicle sales.
Light Commercial Vehicles
Light commercial vehicle registrations fell by nearly half compared to June 2023, though they were 850 units higher than June 2022. Year-to-date, registrations are down 8.5% compared to 2023.
Business buyers dominated with 78.6% (2,170 units), followed by private buyers at 19.1% (527 units), and rentals at 2.4% (65 units).
The Ford Ranger led with 889 units, followed by the Toyota Hilux (591 units) and the Mitsubishi Triton (436 units).
The Pick-Up/Chassis Cab 4×4 segment accounted for 66.1% of sales, followed by Pick-Up/Chassis Cab 4×2 (19.7%) and vans (11.9%).
Heavy Commercial Vehicles
There were 594 registrations of heavy commercial vehicles. This is a 12.1% decrease from June 2023 but a 3.5% increase from June 2022. Year-to-date figures show an 8% increase compared to 2023 and an 18.8% increase compared to 2022.
Business buyers made up 78.3% (465 units), private buyers 9.9% (59 units), and government buyers 9.1% (54 units).
The Isuzu Trucks N Series led with 60 units, followed by the Ford Transit (53 units) and the Mercedes-Benz Sprinter (42 units).
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