As the monthly sales data was released by the Truck Industry Council (TIC), it became clearer by the month that 2023 was shaping up as a great year for the industry. With the release of the December and annual data, that has been confirmed. 2023 beat the previous record set in 2022 and the month of December also posted above average sales figures. As far as brands, Kenworth led the heavy-duty segment but it was Isuzu posting its 35th year as the top-selling brand that was a stand out.
The industry is obviously very pleased with the results and the number of operators investing in new vehicles may also be a good sign for business in general and the economy, moving forward. A sign for those still to upgrade their fleets, that it could be time to do so to keep up with your competitors.
Acquiring new heavy vehicles is a major investment. But with our expert lending services and low lending rates, Jade Finance can make that investment both affordable and cost-effective. Reviewing which brands sold best in 2023 in the different segments may provide inspiration and insights for that purchase.
2023 Best-Selling Truck Brands
Brand loyalty or take note of what brands are selling the most vehicles? That is a question for individual operators to decide but reviewing the best-selling rankings is sure to be keenly watched by many in the transport and distribution sector.
TIC post the brands in order of number of total units sold in the calendar year. This includes units across all segments heavy-duty, medium-duty, light-duty and commercial vans. So brands with models across multiple segments will obviously rank higher than those that specialise in just one or two.
Not surprisingly, the three brands with multiple models primarily in the medium and light segments took out the top three rankings – Isuzu, Hino and Fuso. But it was Isuzu’s record of a 35th top ranking that is extremely impressive. On the back of good heavy-duty category sales through 2023, Kenworth ranked fourth overall with Volvo next, followed by IVECO.
The leading 10 best-selling brands were rounded out with Mercedes then Scania and UD Trucks with Mack in 10th position. DAF was ranked 11th after posting a 21% increase in sales. Next came Fiat and Freightliner, then MAN and Hyundai, followed by Renault, then Western Star, Volkswagen and Dennis Eagle. Rounding out the rankings were Foton and SEA Electric and finally Ford.
Kenworth Leads Heady-Duty Segment
The total 2023 sales for heavy duty vehicles exceeded the 2022 figures by approximately 2,500 vehicles. This is a record period for the segment and another great result for top-selling brand, Kenworth. With 20% of the sales, they just pipped Volvo with overall brand leader Isuzu posting the third best sales figures.
Medium-Duty & Light-Duty Dominated by Big 3
Isuzu captured nearly 50% of sales in this segment with Hino taking 29% of the sales and Fuso posting 15% market share. The medium segment has been reasonably strong in recent years but the light segment has not shown the same good sales results.
Isuzu posted 45% market share in the light segment with Hino the next best and then Fuso and IVECO.
Kenworth Finance Options
With the continued good performance in the heavy duty segment, it may be expected that other operators will be keen to upgrade their vehicles. Individuals looking to set up their own operation may also be eyeing off the best sellers. Regardless of the brand of vehicle, the size, segment or application, the same lending products can be used to make new vehicle purchases.
As specialists in heavy vehicle lending, we offer customers a complete portfolio of commercial credit facilities. The opportunity to select the right product that will work with their accounting method, balance sheet and tax strategy and will deliver on their financial objectives.
The truck financing options include Chattel Mortgage, Rent-to-Own, Leasing and Commercial Hire Purchase. All can be suited light, medium and heavy vehicles with diesel, hydrogen or electric fuel systems. All offer tax deductions either through vehicle depreciation as with CHP and Chattel Mortgage or with tax deductible payments as with Leasing and Rent-to-Own. Refer to your accountant as to which facility will deliver the desired outcome for your set-up or speak with one of our brokers for more details and quotes.
Lower Rate Truck Finance Across Heavy, Medium, Light Duty
Jade Finance supports operators in key transport sectors with lower rates on finance for Kenworth and other heavy-duty, medium and light duty models. Through our connections with more lenders and with specialist heavy vehicle lenders, we have the capabilities and the expertise to negotiate the best truck rates available.
For the rate we can source to meet your individual specifications, get in touch with one of our brokers online or by phone. If requiring funding quickly to confirm a new vehicle purchase, applications can be approved in 24 hours and our brokers will be handle the entire process on your behalf. If looking to replace or expand with one of the 2023 best selling heavy vehicle brands, purchase with our low rate funding to ensure a cost-effective, affordable investment.
For the best rates on finance for Kenworth, Isuzu and other leading vehicle brands, contact Jade Finance on 1300 000 008
DISCLAIMER: NO LIABILITY IS ACCEPTED IF ERRORS OR MISREPRESENTATIONS ARE FOUND IN THIS ARTICLE. THE ARTICLE IS PREPARED AND PRESENTED FOR GENERAL INFORMATIVE PURPOSES AND IS NOT INTENDED TO BE THE SOLE SOURCE OF INFORMATION FOR MAKING FINANCIAL DECISIONS. THOSE REQUIRING GUIDANCE AND ADVICE SHOULD CONSULT A FINANCIAL ADVISOR.