Car market in Australia in 2024
Despite a dismal pandemic period, Australian automotive has bounced back with gusto in 2024. With demand and sales at record-breaking highs, buyers are being tempted to splash their cash on new wheels more than ever before. Even the used market has rebounded from the doldrums of the pandemic, shifting the balance of power towards buyers once more. Even the tight used car market appears to be healthier than ever.
So, what does the car market in Australia look like in 2024? What are the most popular cars? We take a closer look at these trends and more.
New car market in Australia
According to industry peak body the Federal Chamber of Automotive Industries (FCAI), January 2024 saw 89,782 new vehicles sold, a 5.2% increase over January 2023. The January to March result of 304,452 sales represented the best ever first quarter for new vehicle sales, an increase of 13.2% over the previous quarter. SUVs accounted for 58.9% of all car sales, with passenger cars taking 17.7%. Light commercial vehicle market share stood at 21%.
Industry sources forecast that total new car sales in 2024 will be between 1.05 and 1.1 million, which is a slight dip compared to 2023.
Electric vehicles in Australia
In February 2024, the number of Battery EVs sold doubled from the previous month to 10,011, meaning that total EV sales (including Plug In Hybrid EVs) surpassed 10% of the market.
The Electric Vehicle Council says there are approximately 130,000 EVs registered in Australia, consisting of 109,000 BEVs and 21,000 PHEVs. Infrastructure is also improving, with there are 967 high-power public chargers in 558 locations around the country as of 2024.
Used car market in Australia
Used car sales increased 2.9% in February compared to January and 9.3% over February 2023. This month’s sales total was also the biggest since November 2020.
Because of rising interest rates, tight supply chains, and headline inflation, the average used car price in Australia in 2022 was $37,000, up $10,000 from 2020. The Cox Automotive Australia Used Price Index ended February 2024 on 137.1, up 2.3% over January.
SUVs made up 47.2% of total sales, followed by passenger vehicles at 32.7% and light commercial utes and vans at 19.8%. The average age of a car in Australia is about 11.3 years.
Most popular cars in Australia 2024
The two most popular selling cars in Australia in recent times are by far the Toyota HiLux and Ford Ranger utes. The third most popular car is also a ute: the Isuzu D-Max. Toyota is the best-selling manufacturer taking a 19% share, an increase of 37.4% over last year. Ford and Mazda took out second and third place respectively, with Toyota leading Ford with by 10,185 vehicle sales and 9.3% market share.
Car loan statistics
Another strong indicator for the Australian car market showed $1.3 billion new fixed term loan commitments in December 2023. Australian Bureau of Statistics (ABS) said the monthly value of new fixed-term car loan commitments totalled $15.6 billion across 2023.
