The Australian new car market faced challenges in October 2024, with overall sales declining despite the continued dominance of the Toyota RAV4 and growth in electric vehicle adoption.
Market Overview
- Total sales: 86,673 vehicles (down 3.5% year-on-year)
- Year-to-date sales: 950,421 (up 3.7% compared to 2023)
- Risk of not reaching 1.1 million annual sales target
Top-Selling Vehicles
- Toyota RAV4: 3,128 units
- Ford Ranger: 2,981 units
- Toyota HiLux: 2,847 units
- Mazda CX-5: 2,135 units
- Isuzu D-Max: 1,952 units
Brand Performance
- Toyota: Market leader with 18,425 sales (down 11.1% YoY)
- Mazda: Second place with 7,174 sales (up 8.9% YoY)
- Ford: Third with 6,236 sales (down 1.3% YoY)
- Kia: Fourth with 5,860 sales (down 8.4% YoY)
- Hyundai: Fifth with 5,623 sales (down 13.2% YoY)
Electric Vehicle Growth
- EV sales: 9,219 units (10.6% market share)
- Year-to-date EV sales: 91,214 (9.6% market share)
- Tesla Model Y: Top-selling EV with 1,533 units
Chinese Brands' Progress
- Combined market share of 20.4% (up from 15.8% in October 2023)
- MG: 4,627 sales (up 30.1% YoY)
- GWM: 2,539 sales (up 24.8% YoY)
- BYD: 1,779 sales
Market Challenges
- Rising interest rates affecting consumer confidence
- Supply chain issues persisting for some brands
- Economic uncertainty impacting purchasing decisions
Segment Trends
- SUVs: 51.6% market share
- Light commercial vehicles: 22.1% market share
- Passenger vehicles: 21.5% market share
While the Toyota RAV4 continues to lead the Australian new car market, the overall decline in October sales highlights the challenges facing the industry. With economic pressures mounting and EV adoption accelerating, the market landscape is evolving rapidly, potentially reshaping the industry as we approach the end of 2024.
