Building on strong momentum from the third quarter, the fourth quarter of 2024 saw the Australian heavy vehicle market reach new heights, setting an all-time annual sales record. The Truck Industry Council (TIC) reported 51,277 heavy vehicles sold across the year—an increase of 7.4% over 2023’s total of 47,757 units and the third consecutive year of record sales. This milestone also marks the first time the market has surpassed the 50,000-unit threshold.
The Truck Industry Council (TIC) defines the vehicle categories as follows: Light Duty (LD1) for non-van trucks with a GVM between 3,501kg and 4,500kg, Light Duty (LD2) for non-van trucks with a GVM between 4,501kg and 8,000kg, Medium Duty (MD) for mid-capacity trucks, Heavy Duty (HD) for high-capacity trucks, and Light Duty Vans (LDV) for commercial vans. There is also a Combined Light Duty (CDL) category, which includes all LD1 and LDV vehicles up to a GVM of 4,500kg.
This report is based on monthly sales data released by the Truck Industry Council, and assesses the period from October to December 2024. For a comparison to the previous quarter, read our TIC T-Mark Q3 Sales Summary.
Q4 vs. Q3 2024: Key Comparisons & Shifts
The fourth quarter of 2024 saw the Australian heavy vehicle market surpass its Q3 performance, delivering record-breaking results with 13,023 units sold, compared to 12,557 units in Q3. This increase reflects balanced growth across key segments despite economic pressures.
While the Heavy Duty (HD) segment experienced a notable decline in Q4 compared to Q3, with 4,295 units versus 4,089 units, the Light Duty Van (LDV) segment continued its upward trajectory, significantly boosting overall sales.
Medium Duty (MD) sales remained steady quarter-to-quarter, while the Light Duty (LD) category held strong despite softening compared to its Q3 rebound.
These trends highlight the resilience of urban and mixed-use categories, with sustained demand for versatile and efficient vehicles heading into the new year.
Growth and Shifts Across Key Segments
Persistent Demand in Heavy Duty, Despite Declines
The Heavy Duty (HD) segment closed the year with 17,152 units sold, a 2.4% decline compared to 2023’s total of 17,569 units. Fourth-quarter HD sales reached 4,295 units, down 12.6% year-on-year, with December recording 1,381 units, reflecting a sharper drop of 21.2% compared to December 2023. Despite the decline, HD trucks remained the dominant category, accounting for 33.4% of total heavy vehicle sales in 2024.
Steady Medium Duty Sales with Modest Gains
The Medium Duty (MD) segment recorded 8,132 units for the year, representing a 1.6% increase over 2023. However, Q4 MD sales totalled 2,107 units, a slight 1.1% decline compared to Q4 2023, with December seeing 706 units sold—2.5% lower year-on-year. TIC noted that the segment remains significantly below its peak performance in 2007, reflecting an ongoing shift in demand towards either smaller or larger capacity trucks.
Light Duty Trucks See Softer Sales
The Light Duty (LD) segment saw 14,558 units sold in 2024—a 10.0% decline from 2023’s near-record performance. In Q4, 3,731 units were sold, down 0.5% year-on-year. December recorded 1,163 units, a 2.0% drop compared to December 2023. Despite this downturn, LD trucks maintained their position as the second-largest category, making up 28.4% of total sales in 2024.
Light Duty Vans Surge to Record Levels
The Light Duty Van (LDV) segment experienced remarkable growth, with 11,435 units sold in 2024—up 90.0% year-on-year. Even excluding LDV and Peugeot, the adjusted total of 8,563 units still represents a 42.3% increase. December sales surged to 926 units, a 106.7% increase from the same month in 2023. Q4 sales reached 2,890 units, up 91.6% from Q4 2023, marking a record market share of 22.3%.
Industry Reflections and Outlook
TIC CEO Tony McMullan praised the sector’s performance in the face of economic headwinds:
“It was pleasing to see truck sales hold up well in 2024 and van sales strengthen to record levels. This despite challenging economic conditions throughout 2024 in Australia.”
However, he also highlighted ongoing concerns about the ageing national truck fleet:
“An old truck fleet is not conducive to improved safety, public health and environmental outcomes for our society. Moving into an election year in 2025, we must consider what more can be done by both industry and particularly government, to reduce the age of our nation’s truck fleet.”
Trust Retain Media for Industry-Leading Insights
With 2024 setting a new benchmark for heavy vehicle sales, we will continue to track the TIC’s reports and provide in-depth updates on market performance throughout 2025. Be sure to explore our other market reports, including the Q4 RV Market Brand Consideration Report, and for the latest insights across Australia’s automotive sectors.
Retain Media provides this data “as is” for informational purposes only and accepts no liability for decisions made based on this reporting. Users are encouraged to use this data as one of multiple data points in their market analysis.
