Australia’s new vehicle market saw a record-breaking year in 2024, with 1.24 million vehicles sold—a 1.7% increase from 2023. Despite this success, a decline is expected in the near future due to rising interest rates and inflation pressures on consumers.
- Top Sellers: Ford Ranger was the top-selling model, followed by the Toyota RAV4 and HiLux. Toyota also set a new sales record, marking 23 years as the best-selling carmaker.
- Shift in Trends: Petrol and diesel vehicle sales dropped, while electric (EV), hybrid (HEV), and plug-in hybrid (PHEV) vehicles surged in popularity.
- Challenges Ahead: The introduction of the New Vehicle Efficiency Standard (NVES) on January 1, 2025, will raise the cost of traditional SUVs and utes, leading to potential price increases.
- Emissions Regulation: To meet new government targets, manufacturers are expanding their low-emission vehicle offerings, but customer preferences for larger vehicles may lead to higher prices.
Stay informed as Australia’s car market continues to evolve amid changing regulations and consumer trends.