New Car Registrations: 16% decrease in March 2024

The Society of the Irish Motor Industry (SIMI) have released their official 241 new vehicle registrations statistics for March.

New car registrations for March were down 16% (14,936) when compared to March 2023 (17,685). Registrations year to date are up 8.0% (62,807) on the same period last year (58,151).  

Light Commercial vehicles (LCVs) increased by 31.7% (4,410) compared to March last year (3,348). Year to date LCVs are up 34.1% (15,356). HGV (Heavy Goods Vehicle) registrations are up 28.2% (350) in comparison to March 2023 (273). Year to date HGVs are up 15.0% (1,110).

Imported Used Cars have seen an 11.0% (5,216) rise in March 2024, when compared to March 2023 (4,698). Year to date imports are up 24.2% (15,487) on 2023 (12,473).

In March 2,009 new electric cars were registered, which was 41.1% lower than the 3,412 registrations in March 2023. So far this year 7,971 new electric cars have been registered which is a 14.3% decrease compared to the same period in 2023 when 9,297 electric cars were registered.

In the new car market share by engine type for 2024, Petrol cars lead the new car market at 33.37%. followed by Diesel at 23.05%, then Hybrid (Petrol Electric) at 21.33%, Electric at 12.69%, and Plug-in Electric Hybrid at 7.92%. 

Brian Cooke, SIMI Director General commenting: “While the new car market started strongly in the first two months of the year, March proved to be much more difficult. New car sales showed a 16% decrease on the same month last year, although sales for the first quarter remain 8% ahead of 2023.

“Sales of light and heavy commercial vehicles both show growth in registrations for March. Sales across all fuel types were behind last year, with the Electric Vehicle segment seeing a notable decline. This highlights the ongoing challenge of transitioning to electrification, as we move into the mainstream car market. The electrification of the fleet requires increased collaboration between all stakeholders to bridge this current chasm in the market.

“For the Industry, this means investment and delivery of EV technology. For Government, this means increased support in terms of extension of current incentives, including purchase grants and Benefit-In -Kind (BIK) relief for companies, and working with private enterprise to upgrade the national charging infrastructure, to boost consumer confidence in making the switch to electric vehicles.”