The new vehicle market in October 2024 displayed mixed performance, following a bit of an upward blip in September. Passenger vehicle registrations declined slightly while commercial registrations experienced modest growth. In the former sector, registrations totalled 9504 units, a decrease of 5.5 per cent from October 2023’s 10,055 units. Meanwhile, the commercial vehicle market saw a six per cent increase, reaching 3064 units compared with 2890 units in October 2023.
Passenger vehicle market
Toyota continued to lead the passenger vehicle market, with 2420 units registered in October 2024, a 9.8 per cent decrease from 2683 units in October 2023. This gave it a 25.5 per cent market share. Kia followed with 1299 units, reflecting a 15.5 per cent increase year over year and capturing 13.7 per cent of the market. Mitsubishi also fared well, with 1174 units registered,marking an 18.9 per cent increase and securing 12.4 per cent of the market. Ford and Mazda rounded out the top five, with Ford climbing 19.2 per cent to 678 units and Mazda increasing by 30.3 per cent to 486 units.
Top passenger models
The Toyota RAV4 was once again the most popular, registering 1354 units, up from 1103 units in October 2023. Kia’s Seltos followed with 543 units, marking a strong presence in the SUV segment. Mitsubishi’s ASX and Outlander models were also in high demand, with 537 and 429 units registered, respectively. The Ford Everest saw 288 registrations, rounding out the top five models.
Commercial vehicle market
The commercial vehicle sector demonstrated resilience. Ford retained the top spot by registering 820 units, a slight decline of 0.6 per cent from October 2023. Toyota followed with 801 units, down 6.9 per cent, giving it a 26.1 per cent market share. Mitsubishi showed remarkable growth, registering 251 units—an increase of 153.5 per cent and capturing 8.2 per cent of the market. Mercedes-Benz and Isuzu also performed well, with 210 and 164 units moved, respectively.
Top commercial models
The Ford Ranger remained the most popular commercial model, with 732 units, down from 794 in October 2023. The Toyota Hilux followed closely, with 652 units, down from 679 last year. Mitsubishi’s Triton saw significant growth, registering 251 units, making it a notable standout for the month in the commercial segment. Other popular models included the Mercedes-Benz Sprinter, 202 units, and the Nissan Navara, 147 units.
Conclusion
Overall, October was a mixed performance for the new vehicle market. Passenger vehicle registrations experienced a modest decline, while the commercial sector showed reasonable resilience. Toyota maintained its dominance in both segments, although competitors like Kia and Mitsubishi gained traction. The strength of the SUV and commercial sector is a reflection of what has been popular for yonks; big, practical, capable and versatile vehicles.
