October 2024 second best month of the year for

October 2024, with 12,571 new vehicle sales, was the second-best month this year, trailing the highest month (January 2024) by only 78 units.

This month’s total was 2.9% (373 units) lower than October 2023, with year-to-date sales down by 14.7% compared to 2023 (18,410 units) and 22.5% lower than 2022 (30,965 units).

The MIA Chief Executive, Aimee Wiley, noted that the October data revealed distinct patterns across vehicle categories, reflecting the market’s evolving dynamics.

Rental registrations comprised 36.5% of Light Passenger sales this October, rising from 31.7% in October last year. Year-to-date, rentals contributed 14.3% of Light Passenger sales, slightly up from 12.6% in the same period last year. This steady increase points to growth in rental fleet expansion, aligning with the sustained interest in short-term and travel rentals.

Meanwhile, Light Passenger Vehicles’ (LPV) market share declined by 2.1% this October and by 5.5% year-to-date, suggesting stable but slightly reduced demand in this traditionally dominant segment.

Light Commercial Vehicles (LCVs) reached an 18.9% share in October, up from 16.9% in October last year. Year-to-date, LCVs represent 26.9% of total industry sales, rising from 22.3% in 2023. The shift from LPVs to LCVs signals a growing preference for vehicles offering flexibility and versatility, particularly for mixed-use applications.

Heavy Commercial Vehicles (HCVs) continued their stable performance in October, reflecting a consistent year-to-date trend driven by business demand. Business buyers accounted for 57.4% of sales in October, underscoring the sector's essential role in supporting logistics and industry. Year-to-date data shows business purchases with a solid 77.9% share, highlighting the segment’s reliance on commercial and industrial demand.

October’s vehicle registration data indicates stability in core segments and emerging trends that reflect a gradual evolution in the market. With LCVs gaining popularity and LPVs holding a leading position, the industry is adapting to changing consumer preferences and economic factors.

Key Industry Insights

Light Passenger Vehicles (including SUVs)

Registrations

In October 2024, light passenger vehicle registrations reached 9,506 units, a 5.5% decrease over October 2023 and 11.7% down on October 2022 levels. Year-to-date figures indicate a more significant decline, with sales down 21.2% compared to 2023 (a decrease of 19,202 units) and 23.5% lower than the same period in 2022 (21,964 units).

Light passenger by buyer type: Top 3

1.Rental 3,467 units and 36.5% share

2.Business 3,189 units and 33.5% share

3.Private buyer 2,762 units and 29.1% share

Top selling light passenger models: Top 3

1.Toyota RAV4, 1,354 units and 14.2% share

2.Kia Seltos, 544 units and 5.7% share

3.Mitsubishi ASX, 537 units and 5.6% share

Segmentation – what consumers are buying: Top 3

1.SUV medium 3,426 units (36% share of Light Passenger)

2.SUV compact 3,355 units (35.3% share of Light Passenger)

3.SUV Large 1,048 units (11% share of Light Passenger)

The small to medium segments comprised 83.8% of Light Passenger.

Top-selling models (by motive power)

Battery Electric Vehicles (BEVs):

The top five models in October were the Ford Mustang Mach-E (143 units), BYD Atto 3 (59 units), Tesla Model Y (48 units), MG 4 (35 units) and Volkswagen ID.5 (34 units).

Plug-in Hybrid Vehicles (PHEVs):

The top five models in October were the Mitsubishi Eclipse Cross (124 units), followed by the Skoda Superb (37 units), BYD Sealion 6 (28 units), Mitsubishi Outlander (26 units) and Cupra Formentor (10 units).

Hybrid Vehicle (HEVs):

The top five models in October were the Toyota RAV4 (1,354 units), followed by the Toyota Corolla Cross (215 units), Ford Puma (183 units), Toyota Yaris Cross (180 units) and Toyota Corolla (176 units).

Light Commercial Vehicles

Registrations

Light commercial vehicle registrations in October 2024 totaled 2,379 units, an increase of 8.4% (185 units) compared to October 2023. However, this figure remains 878 units below the October 2022 total of 3,257. Year-to-date, registrations have seen a modest growth of 3% (823 units) compared to the same period in 2023.

Light commercial by buyer type: Top 3

1.Business 1,786 units and 75.1% share

2.Private 417 units and 17.5% share

3.Rental 176 units and 7.4% share

Top selling light commercial models: Top 3

1.Ford Ranger, 732 units and 30.8% share

2.Toyota Hilux, 652 units and 27.4% share

3.Mitsubishi Triton, 251 units and 10.6% share

Segmentation – what consumers are buying: Top 3

1.Pick-up/Chassis Cab 4x4 1,542 units and 64.8% share

2.Pick-up/Chassis Cab 4x2 471 units and 19.8% share

3.Vans 282 units and 11.9% share

Motive Power

Light Commercial BEVs: 7 units in October, 158 units year-to-date.

Heavy Commercial Vehicles

Registrations

In October 2024, heavy commercial vehicle registrations stood at 686 units, a 1.4% decline (10 units) compared to October 2023 and a 3.1% drop (22 units) from October 2022. On a year-to- date basis, registrations are slightly down by 0.6% (40 units) compared to 2023 but are 7.8% higher (465 units) than the same period in 2022.