THE Australian truck market cooled across March, following record results across both January and February. The industry ended quarter one just shy of the sales record set last year with 4501 trucks delivered.

Truck Industry Council (TIC) reported year-to-date sales are down just 1.1 per cent, closely shadowing the record results seen in 2023, with a total of 10,344 trucks and vans sold in quarter one – just 114 trucks short of last year’s record first quarter result. 

While down slightly on the sales boom experienced in 2023, the first quarter result is still the second strongest ever for the heavy vehicle market in Australia with heavy-duty truck and light-duty van segments setting new records. 

“The first three months of 2024 have brought near record new truck sales in Australia, with new sales records being set in both the Heavy Duty truck and the Light Duty van segments,” TIC chief executive, Tony McMullan said.

Heavy-duty truck sales continue to soar with a total of 1533 units delivered in March, up 5.9 per cent on the same month last year, with a record 3788 units sold across the first quarter of this year.

The medium-duty segment continues to lag behind its heavy-duty counterpart, but saw growth across the first quarter with a total of 1741 sales – up nine per cent on 2023.

March sales for the medium-duty segment, however, were down 1.8 per cent on last year with 653 units sold across the month.

Light Duty truck sales have experienced a considerable dip so far this year, following consecutive sales records in 2022 and 2023, ending the first quarter down 20.2 per cent with 3129 units delivered. 

Just 1259 light-duty trucks were delivered in March, down 19.9 per cent compared to March last year, but this still represents an uptick on the 1047 units sold in February. 

By contrast the light-duty van segment has seen a return to form, after a few years of supply-chain related struggles, posting its best quarter one result ever with 1686 deliveries – up 27.4 per cent on the same period last year. 

The quarter one van sales result topples the previous record set in 2021, suggesting trade and commercial buyers might be migrating from light-duty trucks to light-duty vans, and this result was achieved despite major player LDV not accounted for in the TIC data.

“It is pleasing to witness that after record sales in 2022 and 2023, the market continues to hold up well for the third consecutive year. Let us hope that this trend continues for the rest of the year and beyond,” Mr McMullan said.

“Hopefully leading to a decrease in the average age of the Australian truck fleet.”