Compiled by economist Jim Power using data from SIMI and DoneDeal, the review covers all aspects of the motor industry including sales, job creation, fuel prices and vehicle safety.
The figures show that the industry is continuing to bounce back after six years of a downturn.
New car sales are up by 23% in the first half of the year, already selling more than in all of 2013.
The Exchequer has also benefitted by over €629 million in taxes from car sales this year and although motor insurance is higher, both petrol and diesel prices are lower than the same period in 2013.
Jim Power said: "This looks set to be the most positive year for the Irish economy since 2007 with the motor industry being a key driver in this, contributing 3.4% of the total tax revenues collected in the first six months of 2014."
Alan Nolan, Director General of SIMI, said; "This review shows that what the motor industry is doing at the moment is working. What we need now is a period of stability.
"We need the conditions to continue to improve at a sustainable rate. We need the government to play its part and keep these conditions stable over the next 12-18 months to help the industry recover, to create jobs and ensure that we continue a healthy contribution to the Exchequer."
The figures for the first half of 2014 showed that 31% of the new cars licensed were imports.
The review also sees positive figures in the light and heavy commercial vehicle sales. Light commercial vehicle sales are up 36% from the first half of 2013, while heavy commercial vehicle sales are up 45%.
The statistics from DoneDeal included in the review highlighted that there was a 4% increase in the total motor ads on the site compared with the first six months of 2013.
The value of all motor goods advertised was 6% higher than in 2013, while the value of cars advertised was 4.4% than the same period last year.
Cathal Cremen, Commercial Manager of DoneDeal's Motor section, said: "2014 has seen more than 430,000 ads placed in the motor section and more than €1.3 billion in sales value for cars sold this year through the site.
"Forty-one per cent of the cars placed on DoneDeal are sold within two weeks and 73% are sold within 72 days. The value of private goods sold in DoneDeal's Motor Section in this period represents a significant economic impact and highlights the importance of the private car buying and selling market."
The Review also revealed that the most popular car body type in 2014 is hatchback (35%). Diesel is the most popular fuel type (73%), with the most popular colour being silver (21.5%).