As we approach the start of summer it is appropriate to look at the state of play in the Irish car market, from new car registrations to buyer behaviour. Data from Carzone and SIMI has been used to provide the very latest figures on the Irish car market.
New Passenger Car Registrations
New Light Commercial Car Registrations
New Passenger Car Registrations
New car registrations are up by 6% from the year prior, with 71,000 new passenger cars registered in 2024. Passenger cars describe your typical day-to-day car. Within the passenger car space, five brands stand out as the most popular:
- Toyota – 15% market share
- Volkswagen – 11% market share
- Skoda – 11% market share
- Hyundai – 9% market share
- Kia – 5% market share
New Light Commercial Car Registrations
Light commercial cars is a name given to larger vehicles such as vans, pickups and SUVs. In this bracket, new car registrations are up by 29%, with 17,500 registrations compared to 13,600 last year. Within this space, the most popular brands are as follows:
- Ford – 18% market share
- Renault – 17% market share
- Volkswagen – 11% market share
- Toyota – 11% market share
- Opel – 9% market share
A Snapshot of the Car Market
Across the car market, new registrations are up by 25% on last year. Continuing with rises, imported used cars are 24% up from 2023, another strong indication of the position of the market and its growth potential. Regarding electric cars, there are 16% fewer registered cars than in 2023, although electric and plug-in hybrids account for 21% of the market. In terms of fuel types, petrol tops the list with a 33% market share, closely followed by diesel with 24% and hybrid at 22%. Another metric observed by SIMI was new car registrations by county. As of April 2024, the counties with the largest growth in new car registrations were:
- Longford – 39%
- Leitrim – 35%
- Laois – 30%
- Kildare – 25%
- Sligo – 24%
Carzone Motoring Report Key Takeaways
Carzone’s latest motoring report can be found here. According to Carzone, 95% of buyers are now more inclined to purchase a used car with a full history check. Before buying a car, 57% of customers will research 2-3 websites, a common trend emerging in the English car market where customers begin to take more autonomy in the car buying process. Regarding cost, 29% of drivers have seen their budget rise this year, a positive indication of buying potential. This intent continues with electric and hybrid vehicles, where 19% more people wish to purchase a greener vehicle than last year. This has resulted in 54% of respondents planning to purchase a greener vehicle, a massive indication of the direction the Irish car market is heading. The green revolution is clearly here, with 6% more hybrid and electric drivers on the road this year.
What Does all this Mean?
The Irish car market is seemingly growing and showing potential to blossom as we move through 2024. All the key metrics suggest growth, with greater intent to purchase cars and a general rise in customer budgets. As a lender or dealer there are fantastic opportunities to capitalise on growing demand and boost sales. Adhering to a growing demand for greener vehicles could be a great way of gaining an advantage, as well as offering competitive terms and models that fit into the most popular car brands sold in Ireland in 2024.
Interested in gaining more insight into the car market? Become a partner of LM Operations and benefit from robust processes and a human approach to finance. Transform your business today.
Representative Example
Borrowing €12,500 over 54 Months with a representative of 17.9% APR, an annual interest rate of 17.9% (fixed) and a deposit of €0.00, the amount payable would be 53 repayments of €327.52 per month, with one final repayment of €526.52 (which includes the option to purchase fee of €199.00), with a total cost of credit of €5,385.08 and a total amount payable of €17,885.08.
LM Operations Ltd are a lender, not a broker. This is for illustrative purposes only and is not a quote or an offer of finance.
Our finance rates vary depend on individual circumstances and is subject to status.