Our take on the latest Commercial registrations and activity (Mon 10 Jun 2019)
New light commercials down 6.3%pa in May 2019
New medium commercials up 18%pa in May 2019
New very heavy commercials up 19%pa in May 2019
The key numbers...
- Medium vehicle registrations remain on an upward trajectory. Light and very heavy vehicle registrations, while flat, are at record levels.
- Continued strength in the construction sector and high commodity prices are seemingly at odds with low business confidence and weak investment intentions.
- Perhaps it’s a case of making hay while the sun shines. With economic growth projected to remain reasonably strong throughout 2019, and expectations that borrowing costs will remain low, businesses are putting aside their anxiety over future domestic and international economic conditions and investing in new vehicles.
New very heavy vehicle registrations
Annual totals
...and our reaction
- New light commercial vehicle registrations fell 6.3%pa in May 2019. There has been month-on-month volatility in new light commercial registrations, but the underlying trend is flat. On an annualised basis, new light commercial vehicle registrations have remained at around 45,000 since late last year.
- New medium commercial vehicle registrations rose 18%pa in May 2019, the third consecutive monthly rise. New medium commercial registrations in the three months to May 2019 were 20% higher than a year earlier.
- New very heavy commercial vehicle registrations rose 19%pa in May 2019, reversing the big fall in April 2019. On an annualised basis, new light commercial vehicle registrations in May 2019 exceeded 2,700 for the first time ever.
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