Sales highlight ‘emerging trends’
The Motor Industry Association (MIA) says new vehicle registration figures for October, which was the second-best month of the year after coming in at 12,571 units, provide an insight into shifting market trends.
Aimee Wiley, chief executive, notes the latest statistics were only 78 below January’s total and show distinct patterns across vehicle categories.
“October’s vehicle registration data indicates stability in core segments and emerging trends that reflect a gradual evolution in the market,” she adds.
“With light commercial vehicles gaining popularity and light passenger vehicles holding a leading position, the industry is adapting to changing consumer preferences and economic factors.”
The MIA data shows the number of new vehicle sales in October was 2.9 per cent, or 373 units, lower than the same month of 2023.
Rental registrations accounted for 36.5 per cent of light passenger sales last month, up from 31.7 per cent in the same month a year ago.
Year-to-date, rentals have a 14.3 per cent market share, an increase from 12.6 per cent in the same period of 2023.
Wiley, pictured, notes this rise “points to growth in rental fleet expansion, aligning with the sustained interest in short-term and travel rentals”.
Light commercial registrations had a market share of 18.9 per cent in October, up from 16.9 per cent in the same month of last year.
Over the past 10 months, light commercials have taken out 26.9 per cent of the new-vehicle market, compared with 22.3 per cent for the whole of 2023.
A breakdown of registrations by motive power in October by the MIA shows battery electric vehicles (BEVs) claimed a 5.2 per cent market share with 658.
Plug-in hybrids (PHEVs) secured 2.7 per cent with 345 sales, hybrids clocked up 3,347 registrations for 26.6 per cent, and vehicles with internal combustion engines accounted for 65.4 per cent of the market with 8,221 units.
Ford’s Mustang Mach-E was the top-selling BEV last month on 143 units, followed by the BYD Atto 3 with 59 and Tesla Model Y on 48. Completing the top five was the MG4 and the Kia Volkswagen ID.5 with 35 and 34 sales respectively.
The Toyota RAV4 led the hybrid market on 1,354 units and the marque’s Corolla Cross was next with 215 registrations. Ford’s Puma was third on 183 sales followed by Toyota’s Yaris Cross with 180 and its Corolla on 176.
Mitsubishi’s Eclipse Cross topped the PHEV charts with 124 units, followed by the Skoda Superb on 37 and BYD’s Sealion 6 with 28. Completing the top five was the Mitsubishi Outlander on 26 sales and the Cupra Formentor with 10.
Last month’s leading segments were medium SUVS on 27.3 per cent, compact SUVs with 26.7 per cent and pick-up/chassis cab on 12.3 per cent.
