New car market up 18.8% in Ireland as EV sales continue to soar
New car registrations rose 18.8% to 77,488 in the first six months, compared to the same period last year. So far this year 14,307 new electric cars have been registered, up 69.39% on 2022.
Toyota has a significant lead as the best-selling car brand, with 10,954 registrations, ahead of Volkswagen with 8,579 and Hyundai with 7,107, according to new figures from the Society of the Irish Motor Industry (SIMI).
At the premium end of the market, Audi is ahead of BMW with 3,325 registrations against 3,086 for its rival. The Hyundai Tucson remains the best-selling model on the Irish market, with 3,221 registrations, ahead of the Kia Sportage with 2,406 and the Toyota Corolla with 2,359. VW's ID.4 is the best-selling EV this year and the fifth biggest seller in the overall new car passenger market.
Every sector of the market is up, with private customer sales up 9.2 per cent on last year, hire drive registrations soaring by 157% to 7,014 and company or business sales up 13.4 per cent.
Electric Vehicles, Plug-in Hybrids and Hybrids continue to increase their market share, with a combined market share for the first six months of 43.63%. Petrol remains the largest share at 31.85%, Diesel accounting for 21.87%, Electric 18.46%, Hybrid 17.37% and Plug-in Electric Hybrid 7.80%.
Light Commercial vehicles (LCV) are up 33.3% to 17,356 so far this year. HGV (Heavy Goods Vehicle) registrations are also showing an increase of 34.9%, with 1,554 registrations.
EV incentives
Brian Cooke, SIMI Director General said:“While year to date new car registrations are still 4% behind pre-COVID 2019, the gap is closing every month, aided by fulfilment of 2022 orders and improved new vehicle supply.
June in particular saw a significant boost in electric car sales, with 1,441 registrations during the month, in comparison to 188 units in June 2022, no doubt as a result of EV buyers wanting to avail of the full SEAI Grant of €5,000, which is to be reduced from July 1st.
"Year to date the EV market has exceeded 14,000 cars, an increase of 69% on last year. It should be highlighted that there still is a significant basket of incentive for EV buyers, including ongoing purchase and home charger grant support, VRT relief for many EVs, as well as low annual road tax.
"These supports, along with an increasing number of EV models coming to market, should ensure strong new car activity as we enter the 232 registration plate sales period. Going forward we need to maintain these incentives as well as an attractive BIK incentive for businesses, if we want to build on the momentum that is clearly there in the EV market.”
