‘Signs of potential recovery’

New-vehicle registrations in September increased by eight per cent – or 868 units – compared with the same month of last year, driven by “robust” figures for sales of rentals.

The Motor Industry Association (MIA) reports rental companies accounted for 3,089, or 26.2 per cent, of new-vehicle purchases last month. 

This was up from 1,164 units and 10.7 per cent in September 2023, and ahead of a 9.2 per cent market share in the year to date.

The number of rental units registered last month also made up 35.8 per cent of the 8,636 such sales over the past nine months.

Overall new-vehicle registrations for the year to date are down by 16.1 per cent and 18,057 units compared with the same period in 2023. 

“The light passenger segment has struggled with reduced volumes and a significant shift in consumer demand for motive power preferences,” says the MIA. 

“However, the data from September offers a promising indication of market stabilisation, primarily driven by robust rental vehicle registrations.

“While 2024 registrations still trail 2023 figures by 16.1 per cent, September's positive performance provides early signs of potential recovery, offering hope for a turnaround in the coming months.”

Light passenger-vehicle registrations last month totalled 8,590 units, a 5.4 per cent increase compared with September 2023 but a 19 per cent drop from September 2022. Year-to-date, sales are down by 23.2 per cent (19,094 units) compared with 2023 and 29.3 per cent lower (22,085 units) than 2022. 

Types of buyers

As for types of purchasers of light passenger vehicles, businesses accounted for 3,078 units and a 35.8 per cent share of the market last month.

Rentals came in at 2,756 units and 32.1 per cent, while private registrations totalled 2,634 units and 30.7 per cent.

The small to medium-sized segments comprised 83.4 per cent of last month’s light-passenger market. Medium SUVs topped the ladder with 2,990 units and a 34.8 per cent share.

Next up were compact SUVs with 2,759 units and 32.1 per cent, followed by large SUVs with 919 units and 10.7 per cent.

Top models

Battery electric vehicles: Nissan Leaf, pictured, – 202, Ford Mustang Mach-E – 110 units, Tesla Model Y – 88 units, Volkswagen ID.4 – 49 units, Volkswagen ID.5 – 42 units.

Plug-in hybrids: Mitsubishi Eclipse Cross – 161 units, Mitsubishi Outlander – 41 units, BYD Sealion 6 – 34 units Hyundai Tucson – 17 units, Skoda Superb – 13 units.

Hybrid vehicles: Toyota RAV4 – 1,172 units, Toyota Yaris Cross – 384 units, Toyota Corolla – 266 units, Ford Escape – 155 units, Toyota Highlander – 131 units. 

Light commercials

Businesses were the biggest purchasers of light commercials last month with 1,904 units representing a market share of 73.6 per cent.

Private registrations came in at 409 units and 15.8 per cent, with rentals accounting for 273 units and 10.6 per cent.

Highlights of the sector included the pick-up/chassis cab 4x4 segment notching 1,743 units in September for a 67.4 per cent share, while vans accounted for 308 units and 11.9 per cent.