{"id":35508,"date":"2023-04-17T12:05:45","date_gmt":"2023-04-17T10:05:45","guid":{"rendered":"https:\/\/ijg.net\/research\/?p=35508"},"modified":"2023-05-12T10:23:34","modified_gmt":"2023-05-12T08:23:34","slug":"new-vehicle-sales-march-2023","status":"publish","type":"post","link":"https:\/\/ijg.net\/research\/new-vehicle-sales-march-2023\/","title":{"rendered":"New Vehicle Sales \u2013 March 2023"},"content":{"rendered":"\n
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1,226 new vehicles were sold in March, an increase of 11.4% m\/m and 16.3% y\/y, and the highest monthly total since July 2017. 3,134 new vehicles were sold during the first quarter, of which 1,606 were passenger vehicles, 1,363 light commercial vehicles, and 165 medium- and heavy commercial vehicles. By comparison, the first three months of 2022 saw 2,645 new vehicles sold, indicating a robust start to 2023 for new vehicle sales. On a 12-month cumulative basis, a total of 11,412 new vehicles were sold as at March 2023, representing an increase of 19.3% y\/y from the 9,567 sold over the comparative period a year ago.<\/p>\n\n\n\n

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575 new passenger vehicles were sold during March, representing an increase of 3.2% m\/m and 8.7% y\/y. Year-to-date, new passenger vehicle sales rose to 1,606 in the first quarter, 16.8% higher than during the same period in 2022 and 42.0% higher than the first quarter of 2021. On a 12-month cumulative basis, new passenger vehicle sales climbed to 5,805, a 22.8% y\/y increase from the 4,728 over the corresponding period a year ago.<\/p>\n\n\n\n

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New commercial vehicle sales were similarly strong in March, with 651 units sold during the month the highest monthly figure since November 2018. New commercial vehicle sales rose 19.7% m\/m and 24.0% y\/y. 580 light commercial vehicles, 23 medium commercial vehicles, and 48 heavy and extra heavy commercial vehicles were sold during the month. All categories recorded increases on a year-on-year basis, with light commercial vehicles being 24.2% higher than in March 2022, medium commercial vehicles up 53.3% y\/y, and heavy and extra heavy up 11.6% y\/y. On a twelve-month cumulative basis, light commercial vehicle sales are 20.1% higher than during the corresponding period a year ago, medium commercial vehicle sales are up 21.8% y\/y, while heavy commercial vehicle sales contracted by 16.5% y\/y.<\/p>\n\n\n\n

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Toyota continues to enjoy a strong lead in the new passenger vehicle sales segment, claiming 38.0% of the sales on a year-to-date basis, followed by Volkswagen with a 25.1% share. They were followed by Kia and Haval with 8.1% and 5.1% of the market, respectively, leaving the remaining 23.7% of the market to other brands.<\/p>\n\n\n\n

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Toyota also has a dominant lead in the light commercial vehicle segment with 54.6% of the sales year-to-date. Ford came in second place, claiming a market share of 10.7%. Mercedes leads the medium commercial vehicle segment with a 26.7% market share, while Scania is number one in the heavy- and extra heavy commercial segment with 25.7% of the market share year-to-date.<\/p>\n\n\n\n

The Bottom Line<\/strong>  <\/em><\/p>\n\n\n\n

Demand for new vehicles remained strong in March among all segments. The uptick in March was primarily driven by a 107 unit increase in commercial vehicle sales, supported by a strong passenger figure. The 2023 Q1 new passenger vehicle sales figure is the highest since 2017 and the 12-month cumulative sales figure is trending at its highest level since mid-2017. Q1 new commercial vehicle sales were the highest since 2018 and the 12-month cumulative sales figure is at its highest since March 2020. <\/p>\n","protected":false},"excerpt":{"rendered":"

1,226 new vehicles were sold in March, an increase of 11.4% m\/m and 16.3% y\/y, and the highest monthly total since July 2017. 3,134 new vehicles were sold during the first quarter, of which 1,606 were passenger vehicles, 1,363 light commercial vehicles, and 165 medium- and heavy commercial vehicles. By \u2026 Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,20],"tags":[],"class_list":["post-35508","post","type-post","status-publish","format-standard","hentry","category-economicresearch","category-vehiclesales"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/35508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/comments?post=35508"}],"version-history":[{"count":3,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/35508\/revisions"}],"predecessor-version":[{"id":35775,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/35508\/revisions\/35775"}],"wp:attachment":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/media?parent=35508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/categories?post=35508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/tags?post=35508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}