Truck sales build in February

A total of 2872 new commercial vehicles were registered in February, according to the latest Truck Industry Council TMARK data, the figure equating with growth of 3.7 per cent over the same month last year. That also brings the year-to-date total to 5020 new registrations, which is up 5.3% over the previous corresponding period.

While the initial few months of each calendar year are always prone to some fluctuation, the biggest gains so far have come at the heavy end of the commercial vehicle spectrum. A total of 1029 new heavy-duty trucks were registered in February, up 27.8% over February 2021, to deliver a year-to-date total of 1767 units – that's up 26.0% over the first two months of last year.

Solid growth was recorded in the medium-duty segment too, with the 544 new medium-duty trucks registered in February equating with growth of 10.1% over the same month last year. Year to date a total of 965 medium-duty trucks have been registered – up 12.2%.

Activity was somewhat more subdued in the light-duty segment, the 1023 new trucks registered seeing marginal growth of just 1.2%. A total of 1791 new light-duty trucks have been registered in the first two months of this year, which is up 2.8% on the same period last year.

However, new registrations of light-duty vans have slumped significantly. Just 276 such vehicles were registered in February, the figure down a massive 40 per cent over February 2021, while the year-to-date tally of 497 vehicles is down 35.0%.

While it will take a few more months for solid trends to emerge, it seems the general volatility that has characterised the last two years is far from over.

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“February truck sales continued to build upon the strong start to the year that we saw in January,” said the CEO of Truck Industry Council, Tony McMullan.

“It is particularly pleasing to witness the heavy-duty truck segment setting sales at near record levels, whilst the light-duty truck segment is rewriting the record books thus far in 2022.

“However, I do caution industry observers from becoming too optimistic, highlighting how supply chain and shipping issues can significantly dampen the source of vehicles very quickly. The struggles in the light-duty van segment thus far in 2022, highlight just how fragile global supply is currently.

“We also must be mindful of escalating world diesel prices and the pending Australian federal election, as being other possible external forces that may dampen the enthusiasm for new truck purchases as we move through the year.”