Market on ‘firmer footing’

The new-vehicle market is showing “orderly expansion rather than sharp acceleration” after last month’s 10,193 registrations were up 4.1 per cent from February 2025.

The Motor Industry Association (MIA) says growth was recorded across all major segments, led by gains in light commercial and heavy commercial vehicles. 

Year-to-date sales reached 21,970 units, up 6.5 per cent compared with the first two months of 2025. 

Aimee Wiley, chief executive, says light passenger and light commercial vehicles recorded year-to-date growth and the overall market has started 2026 on a firmer footing relative to last year. 

She adds February’s result reflects steady underlying demand across the industry.

“Both the monthly and year-to-date figures show moderate growth compared with 2025, with light passenger vehicles continuing to account for around 70 per cent of registrations,” notes Wiley, pictured. 

“While heavy commercial volumes remain slightly below last year on a year-to-date basis, the February lift is encouraging. The industry continues to respond to stable but competitive trading conditions.” 

The MIA highlights that broader economic forecasts point to gradual improvement in 2026 after a subdued period last year. Interest rates and business confidence indicators have shown signs of stabilisation, supporting purchasing activity across household and business segments. 

It states market conditions remain measured and vehicle demand reflects underlying replacement cycles and business investment decisions rather than accelerated expansion. 

A breakdown of MIA’s figures shows the motive power mix of February’s registrations was largely consistent with recent months.

Hybrid vehicles accounted for 30.8 per cent of light-passenger vehicles last month and have a 32.6 per cent share year-to-date. The Toyota RAV4 was the leading hybrid followed by the Corolla Cross.

Battery EVs (BEVs) took out 8.9 per cent of the market in February and 8.4 per cent over the past two months, with Zeekr’s 7X the top-seller in this category. 

Meanwhile, BYD’s Sealion 5 led the way for plug-in hybrids (PHEVs) as their proportion of the market was 7.8 per cent last month and 7.3 per cent so far this year.

Units with internal combustion engines represented more than half of all light-passenger vehicle registrations year-to-date.