Australian car sales continue to spike in 2018
In an industry as extensive and important to the national economy as the automotive sector, it's vital to keep a keen eye on buying intentions and numbers. These core metrics underpin future growth – everything from recruitment and funding to investment and development.
Of course, while the automotive industry has experienced significant change in years past, recent times have brought new energy to the sector – with statistics from early 2018 another great example. Here's an update on buying intentions and sales across Australia.
"Strong industry momentum"
This is how the Federal Chamber of Automotive Industries (FCAI) described the sector after the new vehicle market reached a cumulative total of 184,550 sales so far in 2018. Looking more closely, the first two months of the year saw a 6.1 per cent increase over the same period in 2017, while February alone recorded a 7.8 per cent increase against its respective counterpart last year.
"Consumers are supporting the value propositions that the brands are offering."
Interestingly, this growth isn't limited to one particular market segment. Small SUVs (21.4 per cent), mediums SUVs (17.1 per cent), upper large (12.9 per cent), light passenger cars (10.3 per cent) and small passenger cars (9.4 per cent) all grew based on February 2017 figures – a real indication the industry is moving through a productive period.
"Consumers are supporting the value propositions that the brands are offering," FCAI Chief Executive Tony Weber said. "To have the market already running 6.1 per cent ahead of last year's record total indicates that consumer confidence is still strong, and all those elements which underpin our economy remain in position."
Australians keen to invest in vehicles – Roy Morgan
These statistics tie in nicely to recently released data from Roy Morgan where it was revealed 2.26 million Australians intend to purchase a new vehicle by 2022. Although it's slightly down on last year's figures, 2017 proven to be a record year so this result indicates another good forecast.
While most (61.9 per cent) of respondents still prefer to buy a petrol-fuelled vehicle, both hybrid (5.2 per cent) and full electric (3.1 per cent) saw significant increases from 2017 – highlighting a slight trend towards more energy-efficient vehicles.
"Most manufacturers are ramping up their development in areas such as electric vehicles and driverless cars but it will ultimately be the consumer that will determine who the winners are," Industry Communications Director Norman Morris said.
During strong economic times, automotive companies need to ensure they have the talent to take full advantage. For more information on the services we provide in the automotive space, check out the Bayside Group Automotive website here.