STRONG new truck sales across 2023 have led to a new record result, beating the 2022 record. The growing market is now nearing the elusive 50,000 sales figure which many have said was not possible Down Under. 

The Truck Industry Council (TIC) reported total 2023 sales at 47,757 units, up a significant 3878 units or 7.6 per cent on the previous year. The figure was achieved despite the scrapping of the Instant Asset Write-off scheme from July. 

“It was pleasing to see such strong truck sales continue in 2023, with the year setting a new all-time sales record for new truck sales in Australia, eclipsing the previous peak set in 2022,” the chief executive of the TIC, Tony McMullan, said.  

“It was equally pleasing to see annual new truck and van sales approaching the 50,000 mark. The 40,000 barrier was only broken relatively recently in 2018 and despite the COVID supply chain disruptions, new truck sales in Australia have remained strong. 

“The 2023 result of 47,757 sales has surpassed industry expectations, particularly given the 2023 mid-year end of the temporary full expensing tax measures put in place during COVID.”

Despite record new truck sales, Australia’s average fleet age continues to be around 15 years. This is among the worst in the developed world and lags behind Europe and North America. 

“The Truck Industry Council (TIC) and our members remain concerned that the average age of the Australian truck fleet appears to remain much older than that of Europe and North America,” said Mr McMullan.

“An old truck fleet is not conducive to improved safety, public health and environmental outcomes for our society. Moving into 2024, we must consider what more can be done by both industry and particularly the government, to reduce the age of our nation’s truck fleet.”

The heavy-duty segment reigned supreme across 2023, shifting a record 4917 units in Q4 alone, ending the year at 17,569 total sales – accounting for 36.8 per cent of all heavy vehicles sold last year. 

Traditionally small trucks have accounted for the highest share of volume, but for the first time the heavy end of town has leapfrogged the light-duty segment. 

Medium-duty truck sales saw slightly less dramatic growth in 2023, shifting 8004 units across the year thanks to a strong Q4 finish of 2131 sales.

The medium-duty segment is still far from its 2007 peak of 9923 sales, highlighting a reduced desire for mid-sized trucks as light- and heavy-duty sales soar.

While the light-duty segment experienced strong sales it fell short of its 2022 record by 267 trucks, as well as losing out to the heavy-duty segment, accounting for 33.6 per cent of all heavy vehicle sales.

A less than ideal Q4 let the light-duty segment down, with just 3749 units shifted between October and December, landing 13.1 per cent down on the same period in 2022. 

The light-duty van segment saw a return to form, finishing strong in 2023 with 6018 sales – up 9 per cent on the 2022 result.

The light-duty van segment now accounts for 12.6 per cent of all truck sales – down on the 18.1 per cent share the segment held at the end of 2020.