New car registrations up 25pc in February 2024, SIMI find
New car registrations for February were up 25pc (16,455) when compared to February 2023 (13,122), according to Society of the Irish Motor Industry (SIMI) statistics released last week. Registrations year to date are up 18.3pc (47,882) on the same period last year (40,466).
Light commercial vehicles (LCVs) increased by 36.8pc (3,515) compared to February last year (2,569). Year to date LCVs are up 35.6pc (10,987). HGV (heavy goods vehicle) registrations are up 14.2pc (305) in comparison to February 2023 (267). Year to date HGVs are up 10.3pc (763).
Imported used cars have seen a 24pc (4,945) rise in February 2024 when compared to February 2023 (3,989). Year to date imports are up 32.1pc (10,270) on 2023 (7,775).
In February 1,866 new electric cars were registered, which was 15.5pc lower than the 2,207 registrations in February 2023. So far this year 5,968 new electric cars have been registered, which is a 1.4pc 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 32.97pc. Diesel is next at 23.76pc, then hybrid (petrol electric) at 21.51pc, electric at 12.46pc, and plug-in electric hybrid at 7.76pc.
Brian Cooke, SIMI director general, said: “Supply chain issues prevalent at the start of 2023 are no longer affecting 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 adaptation 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 growth in EV sales. The electrification of the car fleet is 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 have to keep working together. For the industry, that means the rolling out more EV models. For government, it means extending incentives and investing in charging infrastructure.”