In this blog…
According to SIMI, new car registrations in April 2023 soared by a remarkable 14% compared to the same period last year. The numbers speak for themselves, with 8,941 new car registrations reported, a significant boost from the 7,857 recorded in April 2022. Year-to-date registrations show an impressive 16.0% increase, totalling 67,018 registrations compared to 57,762 in the corresponding period of the previous year.
In addition to the thriving new car market, the commercial vehicle sector witnessed robust growth in April. Light commercial vehicles (LCVs) experienced a remarkable 33.3% surge, with 2,153 registrations compared to 1,615 in April 2022. Year to date, LCV registrations are up by an impressive 25.3%, reaching 13,734. Heavy Goods Vehicle (HGV) registrations also saw a remarkable increase of 35%, totalling 243 registrations in April 2023. Year to date, HGV registrations have soared by a significant 41.0% to reach 1,207.
The electric vehicle (EV) market in Ireland continues to gain momentum, as environmentally-conscious consumers embrace the future of transportation. In April 2023, 1,870 new electric vehicles were registered, representing a staggering 46.1% increase from the previous year’s figure of 1,280. Year to date, the growth rate stands at an impressive 48.6%, with 11,164 new electric cars registered compared to 7,515 during the same period in 2022.
Electric vehicles, plug-in hybrids, and hybrids continue to increase their market share, collectively accounting for an impressive 42%. While petrol remains the dominant fuel choice at 32.85%, diesel follows closely at 22.34%. Hybrids claim 17.44% of the market, closely trailed by electric vehicles at 16.66%. Plug-in electric hybrids hold a respectable market share of 7.90%.
With the Irish car market thriving and consumer interest in electric vehicles on the rise, there are exciting opportunities for car dealerships to capitalise on this growth. The top-selling car brands in 2023 so far include:
The top car models for the year are:
- Hyundai Tucson
- Kia Sportage
- Toyota Corolla
- Toyota Yaris Cross
- Toyota C-HR
The top-selling EV models include the Volkswagen ID.4, Hyundai Ioniq 5, Tesla Model Y, Skoda Enyaq, and Kia EV6.
While the electric vehicle market is experiencing substantial growth, it is crucial to continue incentivising EV purchases to ensure sustained progress. Brian Cooke, SIMI Director General, emphasised the need to create an active used EV market and sustain the growth in the new EV market share. By offering attractive financing options and educating customers about the long-term benefits of EV ownership, car dealerships can play a vital role in driving the transition towards a greener future.
The Irish car market is witnessing impressive growth, with new car registrations and commercial vehicle sales on the rise. Electric vehicles are gaining significant traction, with a growing market share and a surge in new registrations. As car dealerships navigate this evolving landscape, embracing the shift towards electric vehicles and catering to the preferences of consumers will undoubtedly unlock new opportunities for success. LM Operations remains committed to supporting car dealerships and customers alike in their pursuit of affordable and sustainable mobility solutions.
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