The Australian automotive market in 2024 revealed significant shifts in buyer preferences and fuel type dynamics, providing fleet managers with key insights into emerging trends and market changes.
Buyer Type Overview
Government fleet buyers witnessed a 14.5% surge in new car deliveries compared to 2023. After enduring years of supply shortages—particularly for Toyota hybrid models—vehicles finally arrived in greater volumes.
Business buyers experienced a 4.4% increase in deliveries, supported by consistent fleet turnover and the fulfillment of backlogged orders. Historically forming about half of all vehicle sales annually, the business sector remains a cornerstone of the automotive market.
In contrast, heavy commercial vehicle sales dipped by 0.9%, ending a streak of record years. The anticipated 2025 introduction of Euro 6 engine regulations for Japanese brands, alongside ongoing supply constraints, is expected to further impact this segment.
Private buyers saw a slight decline in their share of the market (-2.5%), while rental buyers faced a 4.9% drop, continuing post-COVID market corrections.
Table 1: Market Share by Buyer Type (2024 vs. 2023)
| Segment | 2024 Market Share | 2023 Market Share | % Change | Units Change | % Units Change |
|---|---|---|---|---|---|
| Private | 50.12% | 51.59% | -1.47% | -15,922 | -2.5% |
| Business | 36.90% | 35.46% | +1.43% | +18,852 | +4.4% |
| Government | 3.18% | 2.79% | +0.39% | +4,912 | +14.5% |
| Rental | 5.60% | 5.90% | -0.31% | -3,549 | -4.9% |
| Heavy Commercial | 4.20% | 4.25% | -0.05% | -466 | -0.9% |
Fuel Type Trends
Electric vehicles (EVs) solidified their presence, accounting for 6.11% of the market with over 90,000 units sold. Plug-in hybrid electric vehicles (PHEVs) reached 1.9% but face an uncertain future due to the expiration of the FBT exemption from April 2025.
Hybrid vehicles emerged as a major growth area, climbing to 14.15% market share. Toyota led this shift, offering an expanded range of models that appealed to fleets exploring low-emission options. Diesel sales showed stability, declining only 2.5%, while petrol fell sharply by 10.1%, as buyers transitioned to more sustainable alternatives.
Hydrogen-powered vehicles saw a modest rise, with 10 registrations in 2024 compared to six in 2023, signaling early industry foundations.
Table 2: Market Share by Fuel Type (2024)
| Fuel Type | Market Share |
|---|---|
| Petrol | 43.34% |
| Diesel | 34.50% |
| Hybrid | 14.15% |
| Electric* | 6.11% |
| PHEV | 1.90% |
| Hydrogen | 0.00% |
Emerging Dynamics for 2025
The influx of competitively priced Chinese vehicles in 2024 highlights a growing competitive landscape. Brands nurturing fleet relationships during challenging times are better positioned for growth. Additionally, Euro 6 engine regulations, NVES, and evolving FBT policies will further shape the market.
Fleet managers must navigate these shifts, leveraging emerging technologies to stay ahead in a rapidly evolving environment.
