BMW Australia made a significant mark in the luxury vehicle market in 2023, surpassing its German rivals to claim the top spot in sales. Brendan Michel, the Head of Product and Market Planning at BMW Australia, is optimistic about the brand’s prospects for 2024, anticipating a stronger performance compared to the previous year. Michel expressed confidence in the brand’s growth trajectory, noting a positive trend in the first quarter of 2024.
While he expects a robust year ahead, he stopped short of predicting a record, citing potential supply constraints as a determining factor. In 2023, BMW Australia recorded 26,184 new vehicle registrations, marking a notable increase of 15.4 percent over the previous year. Key drivers of BMW’s growth included the introduction of new models, such as the X1 and iX1, which have become top-selling models for the brand.
Additionally, the updated X5 family experienced significant growth, with an 18.4 percent increase in registrations in 2023. Despite fierce competition, BMW outperformed rivals Mercedes-Benz Cars and Audi, with Mercedes-Benz experiencing a decline of 9.3 percent while Audi saw a notable increase of 29.2 percent. In the broader luxury vehicle market, Lexus and Volvo Car also made strides in 2023, with Lexus registering 15,192 vehicles and Volvo Car returning 11,128 registrations.
Looking ahead to 2024, BMW plans to bolster its lineup with new offerings, including the all-new X2 and iX2, expanding its range of electric vehicles. Updates to the entire 4 Series range are also on the agenda, featuring the electric i4 Gran Coupe and the high-performance M4 family. Additionally, BMW will introduce an electric i5 Touring model, alongside the launch of an all-new M5 Sedan and Touring.
Amidst these developments, anticipation surrounds the reveal of an all-new X3 mid-size SUV, with speculation about its debut either in the current calendar year or potentially extending into 2025. As BMW Australia continues its strategic expansion and product updates, the brand remains poised for further success in the luxury automotive market.
