While the record growth in heavy vehicle registrations of recent years has stopped, new registrations appear to be holding up in the June quarter according to ARTSA-i Data.
ARTSA-i Data’s Q2 2024 heavy vehicle report found that there has been almost zero growth in heavy vehicle registrations in the last financial year.
A total of around 46,000 new heavy vehicles were registered during this period, which included close to 10,000 prime movers, just above 15,000 heavy trailers, around 10,000 heavy rigids and just under 10,000 medium rigids.
Source: ARTSA-i Data.Following two years of record growth, ARTSA-i Data analytics Executive Director, Rob Perkins, said the gains have largely evaporated in the last 12 months to end June 2024.
“Twelve months ago, we were high-fiving the two year run of double digit percentage growth in new heavy vehicle registrations,” he said.
While this could be viewed as disappointing, Perkins said it is a new high-water mark for new heavy vehicle registrations.
“When we look back three years to the 2020/21 financial year there were 35,000 new heavy vehicles,” he said.
“This change represents a 32 per cent increase in the annual new vehicle registrations over just three years.
“Sustaining that kind of growth is highly unlikely and 2023/24 appears to have been a year of correction.”
Source: ARTSA-i Data.Despite the results, Perkins is remaining optimistic – stating that if the second half of the year maintains the momentum experienced during the first quarter, industry will be heading towards a similar year to the last calendar year.
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