New Zealand Experiences Record High Rental Vehicle Registrations in November
Who knew rental vehicles would play such a significant role in shaping the vehicle registration landscape in New Zealand?
The rental market in New Zealand witnessed a boom in November, with a significant number of new vehicle registrations going to rental fleets. This surge in rental registrations contributed to the highest number of monthly rental registrations in four years, accounting for 30.7% of the overall vehicle registrations for the month. While the passenger car registrations remain lower compared to last year, the rental vehicle spike has driven a year-on-year increase in the light passenger segment. Let’s take a closer look at the numbers:
The rental market in New Zealand had a record-breaking month in November, with a significant number of new vehicles being purchased and registered for rental fleets. Out of the 14,519 new vehicles registered, 4,466 were destined for rentals. This marks the highest monthly rental registrations in four years and accounts for 30.7% of the total registrations for the month.
The increase in rental vehicle registrations is a welcomed boost for the industry, which has been impacted by the soon-to-be-lifted Clean Car Discount program. The New Zealand Motor Industry Association chief executive, Aimee Wiley, expressed satisfaction with the numbers, highlighting the positive impact it has on the industry.
While the overall passenger car registrations in November were 7.1% lower compared to the same time last year, the spike in rental vehicle registrations inflated the light passenger segment, resulting in a year-on-year increase of 2.9% or 322 units. Commercial vehicle registrations, on the other hand, saw a significant decline, with a 32.0% decrease compared to November 2022 and a 40.9% decrease compared to November 2021.
In terms of vehicle segments, the medium SUV segment was the most popular, accounting for 32.7% of the market share, followed by the compact SUV segment with 18.5% and the small passenger vehicle segment with 12.6%. Toyota emerged as the market leader in November, with a 24.9% share, followed by Ford with 13.0% and Mitsubishi with 8.0%.
When it comes to specific models, the Toyota RAV4 was the best-selling model in November with 1,419 units sold, followed by the Mitsubishi Outlander with 558 units and the Tesla Model Y with 544 units. New energy vehicles, including battery electric vehicles (BEVs), plug-in hybrid vehicles (PHEVs), and hybrids (HEVs), continued to gain popularity in New Zealand. BEVs accounted for 18.5% of the market share in November, PHEVs accounted for 8.0%, and HEVs accounted for 23.6%.
In summary, November proved to be a successful month for the rental market in New Zealand, with rental vehicle registrations reaching a four-year high. While passenger car registrations remain lower compared to last year, the rental vehicle spike has driven an increase in the light passenger segment. Additionally, new energy vehicles continue to be a popular choice, further contributing to the changing landscape of the automotive industry in New Zealand.
- New Zealand sees a surge in rental vehicle registrations in November.
- Rental registrations make up 30.7% of the total registrations for the month.
- Passenger car registrations are lower than last year.
- The light passenger segment shows a year-on-year increase driven by rental vehicle registrations.
November was a remarkable month for the rental market in New Zealand, with an unprecedented number of rental vehicle registrations. Despite the overall decline in passenger car registrations, the rental vehicle spike provided a much-needed boost to the industry. With new energy vehicles gaining traction, the automotive landscape in New Zealand is constantly evolving. The future looks promising for the rental market and the transition towards more sustainable transportation options.