New Vehicle Market Maintains Measured Growth In February

Market Overview

New vehicle registrations totalled 10,193 units in February 2026, an increase of 4.1 percent year on year. Growth was recorded across all major segments in the month, led by gains in light commercial and heavy commercial vehicles, while light passenger registrations continued to represent the majority of the market.

Year to date registrations reached 21,970 units, up 6.5 percent compared with the same period in 2025. Light passenger and light commercial vehicles both recorded year to date growth, while heavy commercial volumes were marginally below the prior year period. Overall, the market has commenced 2026 on a firmer footing relative to last year.

Motor Industry Association Chief Executive, Aimee Wiley, said the February result reflects steady underlying demand across the market. “Both the monthly and year to date figures showmoderate growth compared with 2025, with light passenger vehicles continuing to account for around seventy percent of registrations. While heavy commercial volumes remain slightly below last year on a year-to-date basis, the February lift is encouraging. The industry continues to respond to stable but competitive trading conditions.”

Economic Context

Broader economic forecasts point to gradual improvement in 2026, following a subdued period last year. Interest rates and business confidence indicators have shown signs of stabilisation, supporting purchasing activity across both household and business segments.

Conditions remain measured, and vehicle demand continues to reflect underlying replacement cycles and business investment decisions rather than accelerated expansion.

Motive Power Trends

Hybrid electric vehicles continue to feature prominently within the light passenger segment, maintaining a significant share of registrations year to date. Battery electric and plug in hybrid vehicles remain present across both passenger and light commercial categories, while internal combustion vehicles continue to account for the majority of total registrations. The overall motive power mix remains broadly consistent with recent months.

Summary

February delivered moderate year on year growth, supported by gains across all primary vehicle segments. Year to date performance remains ahead of 2025, indicating a steady start to the year. The market is showing orderly expansion rather than sharp acceleration.

Key Industry Insights

Total Industry Registrations: February 2026

A total of 10,193 new vehicles were registered in February 2026, an increase of 405 units, or 4.1 percent compared with February last year.

Light Passenger Insights (including SUVs)

Registrations: February 2026

7,138 units were registered in February, up 140 units or 2.0 percent compared with February last year. The increase was driven by stronger rental and government registrations, with SUVs continuing to account for the largest share of demand.

Light Passenger Motive Power Insights: Top 5

Light Commercial Vehicle Insights

Registrations: February 2026

2,612 units were registered in February, up 221 units or 9.2 percent compared with the same month last year. Business demand continued to dominate the segment.

Heavy Commercial Vehicle Insights

Registrations: February 2026

Vehicle registrations totalled 443 units in February, an increase of 44 units or 11.0 percent

compared with February last year.

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