The sale of new motor vehicles hit record levels in 2015, with 2016 set to be another bumper year for car sales.
The figures released by the Federal Chamber of Automotive Industries show Australians bought 1,155,408 new vehicles in 2015, up 3.8% over the previous year and up 1.7% on the previous record year in 2013. Sales in December were up 2.9% on the same month of 2014.
Passenger car sales fell 3% in 2015 to 515,695 with sports utility vehicle (SUV) sales up 15.9% to 408,459 and other vehicle sales rose 0.9% to 231,254. Private sales increased by 3.7% compared to 2014 and business sales increased by 4.9%. Government purchases declined 1.4%.
According to Craig James, chief economist at CommSec, demand for motor vehicles should remain strong throughout 2016.
“The autos and components industry sub-sector was the best performing sector on the ASX in 2015. Demand for cars, components and accessories should remain firm in 2016.
“Aussie consumers will continue to drive the broader economy over the coming year, with key influences being rising employment, record wealth levels, low inflation and on-going improvements in technology.”