Fuseworks Media

February registrations hit hard by weak demand for light passenger vehicles – MIA

Motor Industry Association Chief Executive Aimee Wiley says that registrations in February slumped to 9,663 units on the back of weak demand for light passenger vehicles. Light passenger at 5,951 units is the lowest February result in 11 years, since 2013. Conversely, heavy commercial registrations at 660 units are the best February result yet.

Comparing overall new vehicle registrations, February 2024 is 1.28% higher than February 2023 (122 units). However, February 2023 registrations were significantly impacted due to Cyclone Gabrielle (23.7% lower than the same period in 2022). Adjusting for this outlier, February 2024 is 22.7% lower than February 2022, and the lowest February result since 2015, and 15.6% lower than the average of the prior 8 years February registrations.

On a year-to-date basis, 2024 is 1.32% higher than 2023 (290 units), 14.1% lower than 2022 (3,668 units) and 18.2% lower than 2021 (4,069 units).

New Vehicle Industry Key points

Top three overall market leaders in February 2024 are: Toyota with 21.0% market share (2,027 units), followed by Ford with 15.2% (1,469 units) and Mitsubishi with 10.5% (1,017 units).

February registrations breakdown: Light Passenger 5,951, Light Commercial 3,052 and Heavy Commercial at 660.

Total Industry by motive power for the month of February: 430 BEVs (4.4% share), 164 PHEVs (1.7% share), 1,838 Hybrids (19.0% share) and 7,202 ICE vehicles (74.5% share).

The overall top three segments in February were SUV Medium (23.3%), followed by Pick Up/Chassis Cab (19.9%), and SUV Compact (16.4%).

Light Passenger Vehicles (including SUVs)

Registrations

Light passenger registrations at 5,951 are the lowest February month result since 2013. 4.9% (308 units) lower than February 2023 and 22.2% (1,694 units) lower than February 2022. On a year-to- date basis, light passenger registrations are down 9.4% (1,462 units) compared to the same period in 2023 and 15.1% (2,499 units) lower than the same period in 2022.

Light passenger segment leaders: Top 3

1. Toyota 1,129 units and 19.0% segment share

2. Mitsubishi 580 units and 9.7% segment share

3. Suzuki 476 units and 8.0% segment share

Top selling light passenger models: Top 3

1. Toyota RAV4, 467 units and 7.8% segment share

2. Suzuki Swift, 227 units and 3.8% segment share

3. Ford Everest, 220 units and 3.7% segment share

Segmentation – what consumers are buying: Top 3

1. SUV medium 2,256 units (37.9% share of Light Passenger)

2. SUV compact 1,583 units (26.6% share of Light Passenger)

3. SUV Large 824 units (13.8% share of Light Passenger)

The small to medium segments comprised 80.3% of Light passenger.

 

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