Australia: March sales hit record figures image

Deliveries of new cars and light duty vehicles in Australia soared to their best March figures ever, buoyed by rising demand for sport utility vehicles.

The sales of SUVs and crossovers remained scorching hot, as consumer spending was boosted by the continuous low gasoline prices and the dwindling interest rates. Consumer confidence has risen across the world after last year the glut in global supply of oil triggered a collapse in prices, which affected positively the end prices at the pump. Additionally, the low fuel prices supported the already rising demand for sport utility vehicles and crossovers in most regions around the world, evidence of a change in consumer sentiment. According to the VFACTS report from the Australian Federal Chamber of Automotive Industries’, deliveries last month rose a healthy 8 percent from the figures reported in March 2014, reaching a total of 105,054 units. Sales also soared 14.9 percent from the February tally, even as the figures reported then were also the best ever for the month.

The best selling segment was once more the sport utility one, with the sector’s deliveries jumping 15.3 percent from the figures recorded a year earlier, with passenger car sales only rising 2.4 percent. Last month the commercial vehicle sector also saw surging demand, signaling the business investment sector was finally en route towards an eagerly anticipated revival. Light commercial vehicle deliveries grew 10.1 percent and the heavy vehicles segment matched it with a 10 percent rise. The top three automakers were Japan’s Toyota with a market share of 18.2 percent, followed by country rival Mazda that had a 9.7 percent market share, while South Korea’s Hyundai followed them with 8.3 percent.

Via Reuters