Truck sales remain strong with a record 4,528 units sold across May – up six per cent on the same period last year – as the industry looks poised to eclipse last year’s first-half result.
As the halfway mark approaches, the year-to-date numbers suggest 2024 could be another record year for the Australian truck market with 574 more trucks delivered to the end of May – up 3.1 per cent on the same period last year.
Given that 2023 was an all-time record year, the likely H1 record shows the market is not cooling as quickly as many expected. All segments other than light-duty posted positive growth across May, but the small end of town – down 17.2 per cent on last year – continues to struggle.
“Those weaker than normal Light Truck sales are tempering the overall heavy vehicle sales numbers in 2024, however the market still looks set for a new first half year sales record, with just June sales to come,” Truck Industry Council CEO, Tony McMullan said.
“The month of June is typically a strong month for truck sales as we reach the end of our financial year, and the signs are all positive that we will reach the halfway point of 2024 with a result that will rewrite the record books for heavy vehicle sales in Australia.”
The heavy duty truck segment continues to perform well with a total of 1,615 units sold in May, up 5.7 percent, or 65 trucks, over May 2023. Year-to-date, 6,953 heavy trucks have been delivered, up 8.0 percent compared with the same period last year.
Medium duty truck sales were up in May too, comfortably outperforming the same period last year by 91 units, or a 9.2 percent increase, with 750 units delivered. The year-to-date numbers look equally positive with 3,150 units shifted, up 8.9 percent, or 256 trucks on the same period in 2023.
Unable to keep up the pace of record sales in 2023, the light duty segment continues to struggle with 1,148 units delivered across May, down 159 trucks on last year. This brings the year-to-date light duty truck tally to 5,584, down a significant 1,160 trucks, or -17.2 percent compared with the same period last year.
Light duty van sales were again in positive sales territory, up a staggering 67.8 percent for the month of May with 856 units sold. This compares to just 510 sales for the same month last year. Year-to-date 3,228 vans have been delivered, compared to 2,265 in 2023 – an increase of 963 units.
“These strong sales are a good indicator that business confidence remains strong in the road freight sector,” Mr McMullan said.