October was the second-best month for new automobile sales this year, trailing the highest month — January — by 78 units, according to the Motor Industry Association (MIA).

Last month’s 12,571 new vehicle sales were 2.9% — or 373 units — behind October 2023, with year-to-date sales down by 14.7% compared to 2023′s total of 18,410 units; and 22.5% lower than 2022 with 30,965 units.

MIA chief executive Aimee Wiley said the October data revealed distinct patterns across vehicle categories, reflecting the market’s evolving dynamics.

Rental registrations comprised 36.5% of light passenger sales in October, rising from 31.7% in October last year. Year-to-date, rentals contributed 14.3% of light passenger sales, slightly up from 12.6% in the same period last year.

This steady increase points to growth in rental fleet expansion, aligning with the sustained interest in short-term and travel rentals.

Meanwhile, the light passenger vehicle market share declined by 2.1% this October and by 5.5% year-to-date, suggesting stable but slightly reduced demand in this traditionally dominant segment.

Light commercial vehicles reached an 18.9% share in October, up from 16.9% in October last year. Year-to-date, LCVs represent 26.9% of total industry sales, rising from 22.3% in 2023.

The shift from LPVs to LCVs signals a growing preference for vehicles offering flexibility and versatility, particularly for mixed-use applications.

Heavy commercial vehicles continued their stable performance in October, reflecting a consistent year-to-date trend driven by business demand. Business buyers accounted for 57.4% of sales in October, underscoring the sector’s essential role in supporting logistics and industry. Year-to-date data shows business purchases with a solid 77.9% share, highlighting the segment’s reliance on commercial and industrial demand.

October’s vehicle registration data indicates stability in core segments and emerging trends that reflect a gradual evolution in the market. With LCVs gaining popularity and LPVs holding a leading position, the industry is adapting to changing consumer preferences and economic factors.

- SunLive