Upon the recent release of the 2021 truck sales figures, we shared the story of the notable surge in overall sales throughout the year. While Fuso and Hino had issued statements detailing their respective outcomes, at that juncture, specifics regarding the top-selling brands were not yet available. We have now acquired this information and can provide an update on the best-selling truck brands for the preceding year.
Prospective buyers of new trucks often seek insight into the brands that others have been opting for, which helps guide their decisions when considering purchases for their own businesses. Given the historically low interest rates, numerous operators will be eager to secure favorable interest rates on truck loans, particularly for models from the most successful truck brands of 2021.
When evaluating any list of best sellers, it's prudent to place the data within the context of the events that unfolded in 2021. The global shortage of computer chips has significantly impacted manufacturers across various industries, including vehicle production. This shortage has notably led to delays in the arrival of certain vehicle stocks in local markets. Coupled with the persistent effects of the pandemic, 2021 was undeniably an atypical year in many regards.
Nevertheless, despite these challenges, new truck sales in Australia nearly achieved a new record. We present a breakdown of the performance of brands and market segments.
Best Selling Truck Brands
The top selling brand went to Isuzu with a 23% increase on 2020 figures. Next came Hino with just over 30% growth and then Fuso which posted a 35% increase over the previous year. In fourth place was Kenworth, then Mercedes-Benz, Volvo, IVECO, Scania, UD Trucks and DAF rounds out the top 10.
Among the brands positioned between 11th and 21st in the rankings, although their overall sales figures were not within the top 10, the upsurge in sales compared to the results from 2020 reveals truly remarkable statistics. Notably, Freightliner, securing the 13th position overall, achieved an impressive 70.8% sales escalation. Similarly, Western Star, positioned at 15th, experienced a substantial 63.6% surge. Notably, both Ford and Dennis Eagle, respectively ranked 19th, exhibited remarkable growth, each surpassing the 100% mark. A valuable tip for potential buyers: closely monitoring the year-on-year increase in sales can offer insights into the escalating interest surrounding a specific brand.
Heavy Duty Segment
While it's widely acknowledged that the light-duty segment outperformed others during the pandemic, fuelled by the surge in home deliveries, the heavy-duty segment also demonstrated noteworthy gains throughout the year.
Leading the sales charts, Kenworth achieved a remarkable 34% surge in sales compared to its figures from 2020. Volvo secured the second spot; however, it experienced a modest decrease of nearly 4%. The third position was claimed by Isuzu, followed by Mercedes-Benz, Scania, DAF, Hino, Fuso, Mack, and UD.
Noteworthy increases from 2020 to 2021 were recorded by Freightliner, Western Star, and Dennis Eagle. Hyundai exhibited a substantial increase in comparison to 2020, although it stemmed from a very small base—indicating an elevation of sales from 1 to 10 units. This example underscores the importance of delving deeper when scrutinizing statistics for a more comprehensive understanding.
Medium Duty Segment
In the fiercely competitive and widely favoured market, robust sales were recorded for the year 2021, with Isuzu securing the top position. Following closely, Hino claimed the second spot, displaying a moderate increase compared to its 2020 performance. Fuso, at the third position, demonstrated an impressive 35% surge in sales. UD Trucks, with a remarkable 44% growth, clinched the fourth place, succeeded by IVECO and MAN, both encountering a decline in sales.
Making notable strides, Mercedes-Benz achieved a significant 71% increase, securing the seventh position, followed by Volvo which experienced a decrease. DAF experienced a notable 80% upturn, positioning itself in 9th place, with Dennis Eagle rounding off the top 10.
Light Duty Segment
The top 5 rankings in this segment come as no surprise, with Isuzu, Hino, Fuso, IVECO, and Fiat claiming prominent positions. Each of these brands recorded substantial increases in sales when compared to 2020 figures. The subsequent 4 brands also showcased positive growth – Mercedes-Benz, Renault, Hyundai, and Ford. Volkswagen, however, found itself in the 10th place with a decline in sales by 34%.
Distinct brands undoubtedly encountered diverse circumstances throughout 2020 and 2021, and these disparities are likely reflected in the figures. This array of information offers valuable insights for those navigating the market for a new truck. When comparing prices across different models, our Truck Loan Calculator can aid in converting prices into potential loan repayment estimates.
Securing Your Best Seller
A big take-out from the truck sales for 2021 is that many operators are clearly taking advantage of the low interest rate situation and the investment incentives to upgrade their vehicles. IAWO and temporary full expensing have been great motivators to buy. If planning on making use of this measure with a new truck buy, Chattel Mortgage for truck & trailer financing is seen as the best match in a truck loan.
Chattel Mortgage also stands out for attracting the lowest interest rate across truck loan products. To gain a comprehensive understanding, you can refer to our Interest Rate Comparison to see what we are currently achieving in interest rates for all truck loan products, including Truck Loan Rates – See How Different Loan Products Compare, empowering you to make well-informed financial decisions.
While interest rates are at current lows and the RBA has stated it was not expecting conditions to be right for a rate rise till 2024, the recent drop in unemployment and rise in inflation may bring that date forward.
Locking in a fixed interest rate truck loan while our rates are at their lowest ever, can set your business up well for the full term of the loan.
Contact Jade Truck Loans on 1300 000 003 for a quote on a truck loan for a 2021 best seller truck.
DISCLAIMER: THIS INFORMATION IS ISSUED PURELY FOR THE PURPOSE OF GENERAL INFORMATION PROVISION. IT IS NOT TO BE TAKEN AS THE ONLY SOURCE OF INFORMATION FOR BASING FINANCIAL DECISION-MAKING. THOSE REQUIRING FINANCIAL GUIDANCE AND ADVICE SHOULD CONSULT WITH THEIR FINANCIAL CONSULTANT OR ADVISOR. NO LIABILITY IS ACCEPTED FOR ANY MISREPRESENTATION OF POLICIES, DATA OR ERRORS IN THIS CONTENT.