It looks pretty certain that at the end of 2018 the Australian truck market will be breaking truck sales records all over the place. These numbers suggest the Australian economy is stronger than it feels for many working people, but confirmed by consistent economic growth results.
The figures released by the Truck Industry Council this week shows us just how strong the truck market is this year. The grand total sits at 38,173 trucks over 4.5 tonnes GVM sold this year to the end of November. 3,727 were sold last month so the 40,000 barrier is going to be broken, of that there is little doubt.
The number one slot is also nailed on for Isuzu, the Japanese importer’s thirtieth top selling truck brand of the year status is ensured with 9,075 already in the bank. In fact, another milestone may also be on the cards with Isuzu needing to shift 925 trucks in December to crack 10,000. This is by no means unachievable, but will take some quick-footed work in Isuzu dealerships to get these sort of numbers processed in a month with fewer working days than June 2018, when the company sold over 1,000 units.
2018 is also proving to be a bumper year for Kenworth. A reorganisation of the assembly facility in Bayswater, alongside the introduction of the T610 model has seen production capacity increase and Kenworth reach some unprecedented sales numbers. November saw 326 Kenworths get registered. A repeat of this figure would see the overall year total for Kenworth top 3,000, another record.
These unparalleled sales figures come at a time when economic growth is running steady, but with a recent reduction to 2.9 per cent per annum, which should be sustainable. With inflation at 1.9 per cent and the cash rate still at 1.5 per cent the outlook is relatively stable in the short term.
Truck sales are also being helped by the continued infrastructure project spend which is set to continue into 2019 and beyond. There is also increased economic activity in the resources sector, another area in which truck sales can be expected to rise.