According to the country's Motor Industry Association (MIA), February new vehicle registrations of 11,531 vehicles in New Zealand were down 2% year on year, "reflecting a mature and stable market". Year to date sales rose 3%.

Registrations of 7,415 passenger and SUV vehicles last month were down 8% but registrations of 4,116 commercial vehicles were up 10%.

Toyota remained the overall market leader with a 17% market share followed by Ford (10%) and GM's Holden. 

Toyota also led passenger and SUV registrations with a 14% share followed by Mazda (10%) and Holden (8%).

In commercials, Toyota regained the lead from Ford with a 23% share followed by its rival (19%) and Nissan (9%).

This was reflected by the country's top four selling models in February all being light commercial vehicles. The Ford Ranger was back at the top of the chart with 735 units followed by Toyota's Hilux (703) and Nissan Navara (384). 

"With the record number of commercial vehicles sold during the month of February it came as no surprise to see the pickup/chassis cab 4x4 segment as the top segment with 17% of the market for the month," the MIA said in a statement.

"The SUV medium segment accounted for 16% of the market, followed by the SUV compact with 12% market share."

"While the market for new vehicles remains strong, some vehicle segments were constrained by low stock levels which will continue into the foreseeable future," said MIA CEO David Crawford.