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The Motor Industry Association (MIA) has reported a total of 12,481 new vehicle registrations in January 2023. This shows a decrease of 7.4 percent (998 units) compared to the same month last year.

According to the MIA, registrations of SUVs are up slightly with 9,274 units registered (up 3.9 percent). However commercial vehicle registrations fell 29.6 percent (1347 units) in relation to the numbers from January 2022.

“It is pleasing to see confidence from private buyers is holding up, however the business sector appears to battening down the hatches on unnecessary or unaffordable expenditure,” said MIA Chief Executive David Crawford.

Market Leaders and Best-Sellers

Toyota led the market this month with a 20 percent market share after selling 2,529 units. Kia followed in second with 12 percent market share (1,506 units) and Mitsubishi came in third with 10 percent market share (1,298 units).

Overall, the best-selling model for the month is the Toyota Hi-Lux followed by the Ford Ranger, and the Mitsubishi Eclipse Cross.

Meanwhile, the SUV compact segment made up 28 percent of total vehicle registrations this month followed by SUV medium vehicles with 20 percent market share. Third in line is the Pickup/Chassis 4×4 segment with 15% market share.

On the whole, the small to medium segments comprised 61 percent of the total market in January.

SUV and Passenger Vehicles

Toyota was the market leader for passenger and SUV registrations in January with 17% market share (1,540 units) closely followed by Kia with 16% (1,506 units) and then Mitsubishi with 11% market share (982 units).

The top selling passenger and SUV models for the month were the Mitsubishi Eclipse Cross (421 units) followed by the Toyota RAV4 (386 units) and the Kia Stonic (341 units).

Commercial Vehicles

For the month of January, Toyota regained the market lead with 31% market share (989 units) followed by Ford with 28% (892 units) and Mitsubishi third with 10% market share (316 units).

The top models for the month of January were the Toyota Hilux (800 units), closely followed by the Ford Ranger (796 units) and the Mitsubishi Triton (311 units).

BEVs, PHEVs and Hybrids

There were 1,237 light vehicle BEVs and 9 heavy vehicle BEVs registered in January. The top models were the BYD Atto3 (235 units) followed by the MG ZS (166 units) and the KIA EV6 (149 units).

There were 495 PHEV’s registered for the month of January. The top models were the Mitsubishi Eclipse Cross (227 units) followed by the Ford Escape (57 units) and the Kia Niro (38 units).

Registrations of Hybrid vehicles (HEVs) were strong for the month with 2,075 vehicles registered in January. The top models were the Toyota RAV4 (337 units), followed by the Toyota Yaris Cross (212) and the Toyota Corolla Cross (193 units).

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