The market for new truck sales continues to be strong with demand outstripping supply and order banks building to record levels despite the long lead times.
In June 2022 there were a number records broken with the total number of new heavy vehicles sold reaching 4,987 which beat the previous monthly record of 4,741 set in June 2021 (includes Light Duty Trucks, Medium Duty trucks and Heavy Duty Trucks).
The last time new truck sales passed 4,000 units in a month was June 2018. And prior to that, you have to go back June 2009 when 3,718 new trucks were sold in a month (this number was also reached in June 2007 which was pre-GFC in a booming economy).
Here are the sales by segment:
- Heavy Duty – 1,594 (a new record)
- Medium Duty – 997
- Light Duty – 1,751 (a new record)
Total sales from January to June 2022 was 20,887.
The Light Duty Van segment hasn’t performed as well as trucks with overall sales YTD down by 1,230 (33% down) units. The total sales YTD are 2,493.
Chief Executive Officer of TIC, the peak industry body for truck manufacturers and importers into Australia, Tony McMullan, commented, “Firstly, almost cracking the 5,000 mark for sales in a single month is a fantastic result for the industry. This capped off a great second quarter result and combined with solid first quarter sales, finds the market at record levels at the half way point of the year.
“However, while truck sales remain at record levels, the van segment is a reminder of the fragility of the market’s ongoing supply chain issues that could potentially affect the truck sector too. I also see strong headwinds ahead for our economy, with rising inflation and interest rates likely to slow spending and tighten the borrowing capacity of some organisations.
“I certainly hope that sales in the second half of 2022 continue apace and that the 2018 sales mark can be surpassed, though that is not guaranteed by any means at this point in time.” Tony McMullan concluded.
