AUSTRALIAN AUTOMOTIVE MARKET SUMMARY 2023
WORDS BY AUTOROLA
The Australian automotive market is undergoing notable shifts , driven by a combination of factors ranging from changes in consumer preferences to government incentives . This report delves into key trends shaping the industry , focusing on new stock availability , considerations of alternate brands , pricing dynamics , the growing focus on electric vehicles ( EVs ), and the impact of government incentives . Additionally , insights from the UK and European used car markets are examined , providing a comprehensive overview of the current state of the industry .
The Australian automotive market has seen a surge in new vehicle stock availability resulting in recording breaking sales , prompting consumers to consider alternate brands due to the broader range now accessible . As a result , the market is experiencing a shift in preferences as buyers explore options beyond their traditional choices ,
contributing to a more diverse and competitive landscape .
Australia is witnessing an increased volume of Chinese-manufactured vehicles entering the market . This influx is contributing to a more diverse range of options for consumers . However , it also poses challenges , particularly in terms of market adaptation and competition .
One notable trend is the subsidence in used car pricing as the market corrects after a tumultuous couple of years , particularly in the internal combustion engine ( ICE ) segment . Simultaneously , there is a growing focus on electric vehicles ( EV ’ s ) and HEV ’ s , aligning with global efforts to transition towards more sustainable transportation solutions . This shift is driven by a combination of environmental consciousness and government initiatives that incentivise the adoption of EV ’ s .
18 ISSUE 44 DECEMBER 2023 / WWW . AFMA . ORG . AU