The Australian new car market experienced a significant downturn in September 2024, with sales declining across most segments and regions. However, amidst the general slump, hybrid and plug-in hybrid (PHEV) vehicles bucked the trend, showing remarkable growth compared to the previous year.
Overall Market Performance:
- New vehicle sales down 9.7% year-on-year to 99,881 units
- First time the market has exceeded 900,000 sales by the end of Q3
Hybrid and PHEV Growth:
- Hybrid sales up 34.4% compared to September 2023
- PHEV sales surged by 89.9%
EV Sales Decline: Electric vehicle sales down 27.2%, largely due to a significant drop in Tesla sales
Brand Performance:
- Toyota remains market leader despite 13.4% sales decline
- Ford, Mazda, Kia, and Mitsubishi saw increased sales
- Significant declines for Volkswagen Group and Stellantis brands
Top-Selling Models:
- Toyota RAV4 was the best-selling vehicle
- Ford Ranger outsold Toyota HiLux in the ute segment
Market Segments:
- SUVs dominated with 58% market share
- Light commercial vehicles accounted for 21.6%
Regional Performance:
- Sales declined in most states and territories
- Northern Territory was the only region with positive growth
Fuel Type Trends:
- Petrol and diesel sales declined
- Hybrid, PHEV growth contrasted with EV decline
While the overall Australian new car market faced challenges in September 2024, the strong performance of hybrid and PHEV vehicles indicates a shifting consumer preference towards electrified powertrains. This trend, coupled with the decline in pure EV sales, suggests a complex transition period in the automotive market as it moves towards electrification.
