New Zealand saw a positive shift in its new vehicle market last September with 11,777 new registrations. According to the Motor Industry Association (MIA), this is an 8 per cent increase (up 868 units) from the same period last year. This month’s results is also 12.8 per cent above the monthly average for 2024 indicating that the market may be stabilising following a rocky start this year.
However, year-to-date registrations are down 16.1 per cent compared to 2023 and 23.5 per cent lower than 2022. The MIA says the light passenger market has particularly struggled due to lower volumes and shifting consumer preferences in motive power.
Despite this, September’s data shows signs of market recovery. This is largely thanks to strong rental vehicle registrations. Rental sales accounted for 3,089 units or 35.8% of all rental vehicle purchases this year.
Leading Segments and Buyer Types
Light passenger vehicles like SUVs accounted for 72.9 per cent of total registrations (8,590 units). This is a 5.4 per cent improvement from last year, though it’s still down 19 per cent compared to September 2022.
Light commercial vehicles had a particularly strong month, with sales climbing 28.6 per cent year-on-year to 2,586 units.
Businesses were the top buyers this month covering 45.9 per cent of all vehicles sold (5,400 units). Rental companies followed closely behind with 26.2 per cent of the total sales. Meanwhile, private buyers accounted for 26.3 per cent of purchases, with 3,100 units registered.
Hybrids and EVs on the Rise
Hybrids and electric vehicles (EVs) continue to rise in polarity. Hybrid sales surged to 3,300 units in September, making up 28 per cent of the total. Meanwhile, 877 EVs were registered this month. Plug-in hybrid electric vehicles (PHEVs) were less popular, with sales falling to 417 units from 764 in September 2023.
Traditional fuel vehicles—petrol, diesel, and LPG—still dominate the market, but their share has shrunk to 61 per cent/
Best-Selling Models
The Toyota RAV4 remained the crowd favourite in the light passenger category, with 1,172 units sold in September, representing 13.6 per cent of the segment.
Other popular models included the Toyota Yaris Cross and Mitsubishi ASX, with 384 and 379 units sold, respectively.
SUVs continued to reign supreme, especially medium and compact models. Together they made up 66.9 per cent of light passenger vehicle sales.
Commercial Vehicles
In the light commercial sector, the Ford Ranger once again led the pack, with 928 units sold or 35.9 per cent market share. The Toyota Hilux and Mitsubishi Triton followed closely behind, helping boost light commercial vehicle sales for the month.
Though the heavy commercial vehicle segment saw a 19.7 per cent dip in September compared to last year, year-to-date sales are still 9.2 per cent ahead of 2022.
While 2024 has been a tough year for New Zealand’s new vehicle market, September’s results indicate a positive shift. The industry is adapting to new trends and demands, as shown by the increase in rental sales and growing interest in hybrids and EVs. Though the market is still down overall, the recent rise in sales suggests a recovery may be on the horizon in the coming months.
Did you find this article interesting? Click the ‘heart’ button above to give it a ‘like’!
