Australia’s Automobile Sales Results in 2023

Automobile sales in Australia in 2023 increased by 12.5% from the previous year to 1,216,780 units, setting a record high. Although higher prices and rising loan interest rates were negative factors, the market expanded on the back of increased supply of products as the semiconductor shortage eased. The market continued to expand in the January-March period of 2024, with vehicle sales expanding double digits to 304,452 units, an increase of 13.2% year-on-year. There is a possibility that sales for the full year will exceed the previous year's results and set a new historic high.

Looking at sales by country of manufacture in 2023, Japan maintained its lead with 345,071 units, an increase of 4.5% from the previous year, but its share decreased by 2.1 points to 28.4%. Meanwhile, boosted by Australia’s tax incentives for BEVs, China (193,433 units, an increase of 57.5%) has surpassed South Korea and moved into third place. China’s market share rose by 4.5 points to 15.9%. The growth was particularly notable for electric vehicle brands such as Tesla (46,000 units, an increase of 2.4 times) and BYD (12,000 units, an increase of 5.9 times), which have production bases in China.