Home Latest News New Car Registrations Down 15% in May 2024

New Car Registrations Down 15% in May 2024

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The Society of the Irish Motor Industry has released their official 241 new vehicle registrations statistics for May. New car registrations for May were down 15% (6,407) when compared to May 2023 (7,545). Registrations year to date are up 3.8% (77,453) on the same period last year (74,612). Light Commercial Vehicles (LCVs) declined by 22.3% (1,950) compared to May last year (2,511). Year to date LCVs are up 21.3% (19,543). HGV (Heavy Goods Vehicle) registrations are up 24.4% (265) in comparison to May 2023 (213). Year to date HGVs are up 20.2% (1,707). Imported Used Cars have seen a 22.9% (5,514) rise in May 2024, when compared to May 2023 (4,486). Year to date imports are up 26.0% (26,207) on 2023 (20,797).

In May 1,044 new electric cars were registered, which was 39.1% lower than the 1,715 registrations in May 2023. So far this year, 10,062 new electric cars have been registered which is a 21.8% decrease compared to the same period in 2023 when 12,875 electric cars were registered.

In the new car market share by engine type for 2024, Petrol cars continue to lead the new car market at 33.30% followed by Diesel at 23.06%, then Hybrid (Petrol Electric) at 20.18%, Electric at 12.99%, and Plug-in Electric Hybrid at 8.86%.

Brian Cooke, SIMI Director General commenting: “New car registrations show a 15% decline for May when compared to the same month last year. Year to date, new car sales remain 4% ahead of 2023. While sales of light commercial vehicles decreased by 22% in May, registrations for light and heavy commercial vehicles remain strong so far this year. Electric cars have seen a fourth consecutive month of decline in sales. The number of electric cars registered last month was 1,044, which is a decrease from the 1,715 registrations in May 2023. The EV share of the market now stands at 13%, which is down from 17% on last year, and is in line with 2022 market share. With the private consumer being the driver of EV sales in Ireland, we need to re-focus our efforts on these buyers; they need greater reassurances on their EV investment, which includes as a minimum the extension of current incentives and delivery on an electric charging infrastructure. We also need to encourage the company car market, where Ireland has been lagging behind other markets, and delay the phasing out of the BIK concession until such time as EVs become firmly established.”

• 5 Top Selling New Car Brands 2024 were: 1.TOYOTA, 2.VOLKSWAGEN, 3.SKODA, 4.HYUNDAI, 5.KIA

• 5 Top New Car Model’s 2024 were: 1.HYUNDAI TUCSON, 2. SKODA OCTAVIA, 3. KIA SPORTAGE, 4. TOYOTA RAV 4, 5. TOYOTA YARIS CROSS

• 5 Top Selling Electric Vehicles (EVs) Brands 2024: 1.VOLKSWAGEN, 2.TESLA, 3.HYUNDAI, 4. BYD, 5.KIA

• 5 Top Selling Electric Vehicle Models (EVs) 2024: 1.VOLKSWAGEN ID.4, 2.TESLA MODEL Y, 3.HYUNDAI KONA, 4.TESLA MODEL 3, 5.MG MG4

• Top Selling Car (May) 2024: DACIA SANDERO

• Top Selling Electric Car (May) 2024: TESLA MODEL Y