New car registration numbers are at a record high but the rate of growth is slowing down, say industry leaders.

A report released by the Motor Industry Association showed growth of five per cent in the market in the year to date. This is made up of 4.5 per cent passenger and 5.9 per cent commercial new vehicle registrations.

Overall growth has however slowed with registrations of commercial vehicles plateauing. In the month of July, commercial vehicle registrations were down 4.6 per cent on July 2014 - less 148 vehicles. Meanwhile, new passenger car registrations in July were up 2.8 percent on the same month in 2014.

MIA chief executive David Crawford said levels of new vehicle registration were not expected to keep rising.

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"'The sales of new vehicles remains strong but in line with other economic indicators further growth above current levels is uncertain," he said.

Crawford said the drop in commercial vehicle registrations reflected recent general economic indicators elsewhere in the economy.

Total new vehicle registrations in July 2015 were up one per cent on July the previous year - an increase of 53 vehicles registered.

Toyota remained the market leader in July with 18 per cent market share followed by Ford with 10 per cent and Holden with nine per cent market share.

Toyota also topped the leader board for passenger vehicle registrations with a 16 per cent market share followed by Mazda with 10 per cent market share and Holden with 9 per cent market share.

The Toyota Corolla was the top selling passenger model for the month of July with 352 vehicles sold followed by the Toyota RAV4 with 288 vehicles sold.

Toyota was also the commercial vehicle leader last month with 22 per cent market share, followed by Ford with 17 per cent and Holden with 11 per cent market share.

The Ford Ranger remained the monthly top selling commercial vehicle model with 460 vehicles registered, followed by the Toyota Hilux with 448 vehicles and Holden Colorado with 300 vehicles.

"Looking ahead, while registrations of new vehicles for the 2015 year are likely to be above the record 127,179 achieved in 2014, it is unlikely to break the 130,000 barrier for the first time which we previously anticipated might be possible," Crawford said.