The Federal Chamber of Automotive Industries (FCAI) says the softening demand for new vehicles in November 2024 reflects cost-of-living pressures for private buyers.
However, the FCAI says the preference for hybrid and plug-in hybrid technology in new vehicles continues.
In November, 99,091 new vehicles were delivered, a decrease of 11.6% from the same period last year.
“From a historical perspective, the 2024 year-to-date result is strong,” FCAI chief executive Tony Weber says.
“However, the market is starting to show several clear trends—the first half of 2024 recorded market growth of 8.7% compared with 2023. Since July, the market has declined by 8.2% compared with 2023.
“The private buyer segment continues to struggle with a decline of 16.6% on November 2023. This follows falls of 14.2% in October, 17.2% in September and 15.9% in August. This disturbing trend illustrates how the pressure of living costs is impacting households.
“Consumer preference remains clear with SUVs and Light Commercial vehicles making up the top ten new vehicles sold while Passenger vehicles fell to a monthly market share of 13.7%,” he says.
Weber says November recorded another disappointing result for the sale of electric vehicles. Hybrid and Plug-in vehicles accounted for 16.9% of November sales, compared with 9.9% last year.
“The Australian experience with EVs is similar to many major markets overseas, such as Europe, New Zealand and the USA. By introducing new products, car makers respond to regulatory settings that mandate an increase in zero-emission vehicles,” Weber says.
“However, consumers must be more cautious about shifting to pure EVs and purchasing hybrid or plug-in hybrid vehicles. The industry will continue its part by introducing an increasing range of more affordable, low emission vehicles while working alongside governments to address challenges such as recharging infrastructure critical to building consumer confidence for the transition,” he says.
Toyota was the market leader in November, with sales of 20,562, followed by Ford (8720), Mazda (7588), Kia (6410), and Mitsubishi (6205).
The Toyota RAV4 was Australia’s top-selling vehicle, with sales of 5526, followed by the Ford Ranger (4981), Toyota Prado (3590), Toyota Hilux (3572), and the MG ZS (2794).
Sales in the Australian Capital Territory were down 18.1% to 1333 in November 2023; New South Wales was down 12.2% to 30,490; the Northern Territory was down 21.1% to 727; Queensland decreased 12.1% to 21,320; South Australia also decreased by 9.5% to 6591; Tasmania decreased 18.8% to 1,642; Victoria decreased 9.8% to 26,729; and Western Australia decreased by 12.2% to 10,259.
