According to the latest data from the Automotive Industry Association (MIA), new car registrations in New Zealand have been at their weakest for a long time. Despite a steady recovery from the impact in July, records remained weak in October 2023, reflecting a 12.2% drop compared to the same month last year.
In October 2023, a total of 12,944 new passenger cars and commercial vehicles were registered, indicating sluggish demand in the market. This trend indicates that buying sentiments among consumers are somewhat subdued, possibly influenced by factors such as economic uncertainty and stringent government regulations.
Despite this overall slowdown, some models managed to stand out as top choices among New Zealanders. The Toyota RAV4 grabbed buyers’ attention with 1,103 units registered in October 2023. Ford Ranger with 795 units and Toyota Hilux with 679 units continue to lead the way. These vehicles have proven to be popular choices for their reliability, performance and versatility.
As the market leader in October 2023, Toyota cemented its position as the preferred brand among consumers. With a substantial 27.4% market share, Toyota dominated the segment, followed by Ford with a 10.8% share and Kia in third place with 8.7%. Toyota’s success can be attributed to its wide range of vehicles, which cater to various customer needs and preferences.
As the automotive industry continues to evolve, electric vehicles (EV), plug-in hybrids and hybrids have gained prominence in the market. As of October 2023, the most popular fully registered electric vehicles in New Zealand are the MG 4, BYD Atto 3 and Nissan Leaf. The plug-in hybrid segment was led by the Mitsubishi Outlander, followed by its younger sibling, the Eclipse Cross and the Kia Sorento. When it comes to hybrids, there are three main registered models from Toyota: RAV4, Corolla Cross and Yaris Cross.
In terms of vehicle segments, mid-size SUVs emerged as the most popular choice among New Zealanders, capturing 29.5% of the market share in October 2023. Compact SUVs took the second position with a 20.1% share, while the four-wheel drive and pickup truck segment held the third position with a 11.8% share.
Despite the current slowdown in new car registrations, the industry remains resilient in adapting to changing consumer preferences and advanced vehicle technologies. With a wide range of models, manufacturers are constantly competing for consumer attention, trying to meet the needs of a dynamic and constantly growing market.
Frequently Asked Questions (FAQ)
What are the three most popular models in October 2023?
The three most booked models in October 2023 are the Toyota RAV4, Ford Ranger and Toyota Hilux.
Who led the market in October 2023?
Toyota led the market with 27.4% share in October 2023, followed by Ford and Kia.
How have electric vehicles, plug-in hybrids and hybrids fared?
As of October 2023, the MG 4, BYD Atto 3 and Nissan Leaf are the most registered fully electric vehicles. The plug-in hybrid segment was led by the Mitsubishi Outlander, followed by its younger sibling, the Eclipse Cross and the Kia Sorento. In terms of hybrids, the Toyota RAV4, Corolla Cross and Yaris Cross are the three main models registered.
Which is the most popular automotive segment in October 2023?
Mid-size SUVs were the most popular vehicle segment in October 2023, followed by compact SUVs and the four-wheel drive and pickup truck segments.