SIMI stats for January 24 up 15%

SIMI stats for January 24 up 15%

New car registrations for the month of January were up 15% (31,470) when compared to January 2023 (27,337). However, despite this growth, registrations remain 3% lower than pre-Covid levels in 2019.

Light Commercial vehicles (LCV) are up 35.3% (7,500) compared to January last year (5,542). HGV (Heavy Goods Vehicle) registrations are also showing an increase of 7.8% (458) in comparison to January 2023 (425).

Imported Used Cars seen a 40.7% (5,326) increase in January 2024, when compared to January 2023 (3,786).

Electric Vehicle (EV) sales seen continued growth, with a record breaking 4,109 new electric vehicles registered for the month of January when compared to 3,674 in January 2023 (+12%).

In terms of the new car market share in 2024, Petrol cars continue to dominate at 31.83%, with Hybrid (Petrol Electric) 23.95% surpassing, Diesel 21.77%, followed by Electric 13.06%, and Plug-in Electric Hybrid 6.96%.

Automatic transmissions account for (65.77%) of market share, while manual transmissions continue to see a decline (34.11%). The hatchback is Ireland’s top selling car body type of 2024.

Brian Cooke, SIMI Director General said “January 2024 has seen a positive start to the year for the Irish Motor Industry. New car registrations are 15% ahead of 2023, although they remain 3% behind 2019 (pre-covid levels). Sales of commercial vehicles, both Light (LCV) and Heavy (HGVs) registrations, are showing increases on last year, a positive signal from the business sector. Electric vehicles (EVs) sales continue to grow, with 4,109 registrations in January, up 12% on the same period last year. Petrol cars (31.8%) retained the top market share, while Hybrid-electric cars (23.9%) surged to overtake Diesel cars (21.7%) claiming second place for the first time.

“While EV sales can be viewed positively, the growth is slightly less than the overall increase in the new car market. This highlights the ongoing challenge as we move away from the early adapter stage into a more mainstream market. The Industry continues to supply a greater range of Electric Vehicles (EVs) with over 70 different EV models available for sale in Ireland. As we move forward, ongoing Government support in terms of incentives and charging infrastructure will play a vital role in ensuring the success of the next phase in the transition to electrification.”