Mixed results for half-year truck sales

While sales of new commercial vehicles in Australia have fallen short of setting a new record for the first half of a calendar year, the truck market has proven remarkably robust, with the 24,075 new trucks and vans delivered equating with a marginal year-on-year drop of just 1.3 per cent, the figure also coming off the all-time record year of sales set in 2023.

The light-duty van segment aside, June was slow compared to the same month last year, but it was still the second-best June figure ever recorded.

The month saw a drop of 14.8% over June 2023, with 5160 new vehicles delivered. And while there was plenty of red ink across the many brands and vehicle categories, there were still several strong performers pushing ahead.

In year-to-date figures, the heavy-duty and medium-duty categories are both up slightly, while the light-duty van category is powering along strongly. The overall figure was, however, dragged down by the light-duty truck segment, which has softened appreciably so far this year, compared to 2023. Let's dig a little deeper into the numbers...

As mentioned, the 24,075 new commercial vehicles sold over the first half of 2024 represent a drop of 1.3% over the first half of last year, while the 5160 vehicles sold in June represent a drop of 14.8% over the same month last year.

The top five brands all experienced drops in year-to-date terms, some appreciably. Market leader Isuzu was down by 6.5%, although even that pales in comparison to the drops experienced by second- and third-placed brands Hino and Fuso, which were down year-to-date by 18.7 and 27.3% respectively.

However, some of the European brands are on a charge, with IVECO, Mercedes-Benz and Scania all making major gains; Scania set new records for both the month of June (164) and year to date (779).

Across the major trucking blocks, Daimler (Fuso/Mercedes-Benz/Freightliner) leads with 3036 trucks delivered year to date, although that figure is down 17.4% over the previous corresponding period. Next is Volvo Group Australia (Volvo/Mack/UD Trucks) with 2827 units (down 4.4%), followed by PACCAR Australia (Kenworth/DAF) with 2070 (down 5.3%) and Penske (Western Star/MAN/Dennis Eagle) with 315 units (up 23.1%).

Rank, Brand, H1 2023, H1 2024, % change

1. Isuzu, 7099, 6635, -6.5%
2. Hino, 3166, 2574, -18.7%
3. Fuso, 2698, 1962, -27.3%
4. Volvo, 1814, 1789, -1.4%
5. Kenworth, 1759, 1711, -2.7%
6. IVECO, 821, 1006, +22.5%
7. Mercedes-Benz, 769, 915, +19.0%
8. Scania, 625, 779, +24.6%
9. Mack, 533, 525, -1.5%
10. UD Trucks, 610, 513, -15.9%
11. DAF, 427, 359, -15.9%
12. FIAT, 354, 279, -21.2%
13. Hyundai, 167, 183, +9.6%
14. Freightliner, 209, 159, -23.9%
15. MAN, 138, 153, +10.9%
16. Western Star, 90, 129, +43.3%
17. Renault, 74, 62, -16.2%
18. Foton Mobility, 21, 52, +147.6%
19. Ford, 9, 48, +433.3%
20. Dennis Eagle, 27, 32, +18.5%
21. Volkswagen, 61, 22, -63.9%
22. SEA Electric, 10, 12, +20.0%
Total for H1 2024: 24,075 (-1.3%)

At the top end of town, some 1816 new vehicles were delivered in June (down 20.8%) to give a half-year tally of 8769 trucks (up 0.4%).

Volvo knocked off Kenworth to lead the category over the first six months of the year but both brands experienced a modest contraction, while third-placed Isuzu experienced some growth.

In individual brands, the stand-out performers were Scania, Mercedes-Benz, IVECO, and, off a smaller base, Western Star, while Hino, DAF, and Freightliner have had a tougher time.

Across the blocks, Volvo Group Australia leads the heavy-duty category with 2730 units, which is a drop of 4.2% compared to this time last year. Next is PACCAR Australia, with 2048 units (down 5.8%), followed by Daimler with 1081 units (up 4.6%) and Penske with 288 units (up 20.0%).

Rank, Brand, H1 2023, H1 2024, % change

1. Volvo, 1798, 1746, -2.9%
2. Kenworth, 1759, 1711, -2.7%
3. Isuzu, 1210, 1248, +3.1%
4. Scania, 625, 779, +24.6%
5. Mercedes-Benz, 450, 548, +21.8%
6. Mack, 533, 525, -1.5%
7. UD Trucks, 519, 459, -11.6%
8. Fuso, 374, 399, +6.7%
9. Hino, 438, 368, -16.0%
10. DAF, 416, 337, -19.0%
11. IVECO, 160, 201, +25.6%
12. Freightliner, 209, 157, -24.9%
13. Western Star, 90, 129, +43.3%
14. MAN, 123, 127, +3.3%
15. Dennis Eagle, 27, 32, +18.5%
16. SEA Electric, N/A, 3, N/A
Total for H1 2024: 8769 (+0.4%)

A total of 887 new vehicles were delivered in the medium-duty category, which is 17.6% down on the same month last year. That brings the half-year total to 4037 trucks, which is up by 1.7% over the previous corresponding period.

Big hitters Isuzu and Hino both made decent gains over the first half of the year here, while sales for third-placed Fuso crashed by over a third.

IVECO and Hyundai have had a good six months, while things haven't been so rosy for UD Trucks.

Rank, Brand, H1 2023, H1 2024, % change

1. Isuzu, 1933, 2100, +8.6%
2. Hino, 1053, 1135, +7.8%
3. Fuso, 728, 462, -36.5%
4. IVECO, 56, 76, +35.7%
5. Hyundai, 39, 70, +79.5%
6. UD Trucks, 91, 54, -40.7%
7. Volvo, 16, 43, +168.6%
8. Mercedes-Benz, 19, 38, +100.0%
9. MAN, 15, 26, +73.3%
10. DAF, 11, 22, +100.0%
11. SEA Electric, 10, 9, -10.0%
12. Freightliner, N/A, 2, N/A
Total for H1 2024: 4037 (+1.7%)

The light-duty truck segment had a tougher month in June, the 1509 trucks delivered equating with a fall of 25.8% over June last year, while the year-to-date figure of 7093 units is down by a significant 19.2%. At the half-year mark it's the worst-performing major category although, as we've noted, it's still against the backdrop of an overall record year in 2023.

The traditional podium holders from Japan all experienced significant drops, while at the six-month mark it's now Fuso ahead of Hino, but both some way behind Isuzu. However, both IVECO and Mercedes-Benz have made solid progress, while an easing of supply issues has assisted Ford, while Foton Mobility continues to make ground off its small base.

Rank, Brand, H1 2023, H1 2024, % change

1. Isuzu, 3956, 3287, -16.9%
2. Fuso, 1596, 1101, -31.0%
3. Hino, 1675, 1071, -36.1%
4. IVECO, 605, 729, +20.5%
5. Mercedes-Benz, 300, 329, +9.7%
6. FIAT, 354, 279, -21.2%
7. Hyundai, 127, 113, -11.0%
8. Renault, 74, 62, -16.2%
9. Foton Mobility, 21, 52, +147.6%
10. Ford, 9, 48, +433.3%
11. Volkswagen, 61, 22, -63.9%
Total H1 2024: 7093 (-19.2%)

The light-duty van segment is a leading light at the half-year mark, with the 948 deliveries in June representing a boost of 46.1% over June 2023 and the six-month tally of 4176 units equating with growth of 43.3% over the same period last year.

While TIC T-Mark data doesn't account for Chinese brand LDV, which has cemented itself as a major player in Australia's large van market, all of the top three brands listed here (Mercedes-Benz, Renault, and Ford) posted strong gains over the first half of the year, while the opposite was true for Volkswagen and IVECO.

Rank, Brand, H1 2023, H1 2024, % change

1. Mercedes-Benz, 1315, 1610, +22.4%
2. Renault, 344, 931, +170.6%
3. Ford, 107, 768, +617.8%
4. Volkswagen, 637, 394, -38.1%
5. FIAT, 241, 260, +7.9%
6. IVECO, 270, 231, -21.1%
Total for H1 2024: 4176 (+43.3%)

At the half-year mark, it seems the overall Australian commercial vehicle market is proving robust and buoyant, despite significant headwinds both local and global.

According to Tony McMullan, CEO of Truck Industry Council, it’s too early for overall predictions.

“At the halfway mark of 2024 overall heavy vehicle sales are slightly down on the record sales of last year,” he said. “Whilst June 2024 sales were down, it must be remembered that they were the second-best result ever recorded for the month of June in Australia.

“We have seen our economy cooling for many months now and this slower June result may be as a result of the general economic slowdown that we are witnessing across the Australian economy. However, it may simply have been a slower month due to other externalities and does not signal an overall trend.

“The coming months will confirm if heavy vehicle sales have reached a peak for the time being and the market continues to cool, or if June was simply an isolated slower month.”