Australia 2024. Toyota And Ford Lead Recovery To Pre-2020 Figures

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Ford Ranger 2023

Australian Vehicles Market continued upward trend in 2024, growing 1.9% and returning to pre-pandemic levels, after the 2020 dip. Although Toyota and Ford were still the best-selling brands, the standout performer was chinese Great Wall, up 467.3% to secure 10th.

Market Trend and Outlook

Australia’s GDP growth is forecasted to be 1.1% in 2024, with a rebound anticipated in 2025, reaching 1.9%, and accelerating further to 2.5% by 2026. Although the unemployment rate has risen, it remains relatively low, and is expected to stabilize around 4.1% in 2025. Inflation has dropped to 2.1% in September 2024, within the target range, though core inflation, particularly in services, remains high, potentially delaying the expected monetary policy easing. Weak consumer spending and private investment are being counterbalanced by robust government expenditure, and increased immigration has bolstered labor force growth. However, the downturn in global demand for Australia’s key commodity exports has weighed on the economy.ù

Despite these headwinds, growth is projected to pick up in the latter half of 2024, supported by wage growth, fiscal stimulus, and anticipated interest rate cuts in 2025. Risks to this outlook include the possibility of stubborn inflation or a sharp decline in immigration, which could dampen consumption and worsen labor shortages. In the medium-to-long term, policy should prioritize fiscal tightening, workforce flexibility, and addressing structural challenges posed by aging demographics, climate change, and digital transformation.

The Australian EV market, is growing rapidly but remains smaller compared to other major economies. In 2024, EV sales reached 77,713 units, marking a 14.1% increase and a significant expansion from the 2.7% share of total sales in 2021. However, the market is still slow to gain broader traction.

MG and Volvo were standout performers, with sales soaring 113.9% and 138.8%, respectively. While best selling brands Toyota and Ford also saw solid growth, they ranked lower in the EV segment. Tesla held onto its market leadership despite a 16.8% year-over-year decline in sales.

In 2024, the Australian vehicle market rebounded to pre-pandemic levels, closing the year with 1.199 million sales, a 1.9% increase. After a strong start, year-on-year growth began to slow in the latter months, tempering the overall growth rate.

Looking at cumulative data up to December 2024, brand-wise, the leader was still Toyota with 241,296 sales (+12.1%), followed by Ford -up 1 spot- with 100,170 (+14.1%), while Mazda -down 1 spot- ranked 3rd,  with sales reaching 95,987 (-4%).

In fourth place Kia with 81,787 sales (+7.4%),  followed by Mitsubishi -up 1 spot- with 74,547 sales (+17.4%) and Hyundai -down 1 spot- with 71,664 (-4.7%).

In seventh place MG with 50,592 registrations (-13.3%) ahead of Isuzu, which gained 2 spots, with 48,172 sales (+6.2%), Nissan -up 3 spots- with 45,284 sales (+15%) and in 10th place Great Wall -up 16 spots- with 42,782 sales (+467.3%).

Looking at the top selling models, widely reported in the dedicated article, the leader was still the Ford Ranger (-1.2%) followed by the Toyota RAV4 (+98.2%) and the Toyota Hilux (-12.5%).

 

Medium-Term Market Trend

In the past decade the Australian vehicle market has remained relatively stable. In 2010 and 2011 sales remained around 950k registrations. While in 2012 with a 12.6% growth light vehicle sales rose above 1 million and stayed above this mark until the arrival of the pandemic. During these 8 years sales didn’t fluctuate much reaching a maximum of 1.17 million in 2016 an a minimum in 2019 at 1.04 million sales.

With the arrival of Covid-19 in 2020 the Australian vehicle market took a 15.1% hit moving  sales down to 880k registrations.

This drop, enhanced by the closing down of manufacturing plants and distributors ,didn’t last long. In fact, in 2021 sales jumped back above the 1 million mark with a y/y growth of 14.9%. 2022 maintained the momentum and grew another 1.5% in volume.

In 2023 vehicles sales grew up again at 1.18 million sales, a 12.7% growth from the previous year. 

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Groups, and top 10 Models.

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