May 2024 saw a “relentless” dip in new vehicle registrations, perpetuating an ongoing decline,” according to the Motor Industry Association (MIA).
While light commercial sales remained steady and heavy vehicle sales saw an uptick, the light passenger segment continued to be hit hardest by the prevailing economic recession.
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“The distressing trend of falling registrations has persisted for the year’s first five months, underscoring the sector’s struggle,” the MIA said.
At 10,186 registrations, May 2024 was 23.7% lower than May 2023 and 23.6% lower than May 2022 units).
Year to date, 2024 was tracking 13.3% lower than in 2023 and 23.8% lower than 2022.
The top three overall market leaders last month were Toyota, with a 23.3% market share, Ford (14.4%) and Mitsubishi (10.8%).
The overall top three segments were pick-up/chassis cab, SUV Medium (20.9%) and SUV Compact (20.5%).
Light passenger vehicle sales, at 6,369, were 33.4% lower than in May 2023 and 39.8% lower than in May 2022. Year to date, light passenger vehicles were down 22% (9,654 units) compared to the same period in 2023 and 27.1% lower than in the same period of 2022.
The top selling light passenger models were the Toyota RAV4, 761 units and 11.9% share, Mitsubishi ASX, (328/5.2%) and Suzuki Swift (246/3.9%).
Light commercial registrations of 3,154 were comparable to May 2023 and 7.3% higher YTD.
The top selling models were the Ford Ranger at 1,067 units and 33.8% share, Toyota Hilux (709/22.5%) and Mitsubishi Triton (444/14.1%).
Heavy commercial registrations of 633 units were 8.3% higher than in May 2023 and up 12.6%YTD.
