New Car Registrations Up 25% in February 2024
SIMI release new vehicle registration stats for February
Overview
The Society of the Irish Motor Industry (SIMI) released their official 241 new vehicle registrations statistics for February today.
New car registrations for February were up 25% (16,455) when compared to February 2023 (13,122). Registrations year to date are up 18.3% (47,882) on the same period last year (40,466).
Light Commercial vehicles (LCVs) increased by 36.8% (3,515) compared to February last year (2,569). Year to date LCVs are up 35.6% (10,987). HGV (Heavy Goods Vehicle) registrations are up 14.2% (305) in comparison to February 2023 (267). Year to date HGVs are up 10.3% (763).
Imported Used Cars have seen a 24% (4,945) rise in February 2024, when compared to February 2023 (3,989). Year to date imports are up 32.1% (10,270) on 2023 (7,775).
In February 1,866 new electric cars were registered, which was 15.5% lower than the 2,207 registrations in February 2023. So far this year 5,968 new electric cars have been registered which is a 1.4% increase compared to the same period in 2023 when 5,885 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 32.97%. Diesel is next at 23.76%, then Hybrid (Petrol Electric) at 21.51%, Electric at 12.46%, and Plug-in Electric Hybrid at 7.76%.
Brian Cooke, SIMI Director General commenting:
“New car registrations for February show a 25% increase on the same month last year, and year to date are now 18% ahead of 2023. Supply chain issues prevalent at the start of 2023 are no longer impacting on sales. Registrations of light commercial vehicles also show a positive start to the year, up over a third on last year. Electric vehicle (EVs) registrations are down on February last year and are only marginally ahead of the first two months of 2023.
This slowing down in EV sales is not unique to Ireland and is reflective of other new car markets. It is typical of the life cycle in the adaption of any new technology, where there is a gap between early adapters and the early majority consumers. This is happening at a time when we need to accelerate the growth in EV sales. The electrification of the car fleet is strategically important. It will cut transport emissions and shape the future of the Motor Industry. To speed up the move to EVs in the wider motoring public, the Industry and Government must keep working together. For the Industry, this means the rolling out of more EV models. For Government, it means extending incentives and investing in the national charging infrastructure.”
