The redesigned Range Rover proves the adage that new <span/>product can invigorate
the buyer base
Range Rover owners are an extremely loyal bunch – particularly
when their favorite model’s decade-long product cycle was extended
by pandemic-related supply chain issues. But <span/>absence of new <span/>product did in fact make their hearts grow
fonder.
The Land Rover Range Rover led all models with a 41.1%
cumulative year-to-date model loyalty rate through April, for
models with more than 350 return-to-market households, according to
<span/>S&P Global
Mobility analysis. That gave it a narrow edge over the Ford
F-Series full-size pickup line at 41.0% and the Tesla Model Y at
40.0%. The industry average year-to-date model loyalty rate was
25.1% through April.
Since Range Rover is a <span/>relatively low-volume vehicle, metrics
such as loyalty can swing more sharply than those of a huge seller
like F-Series, said Tom Libby, associate director for loyalty
solutions and industry analysis at S&P Global Mobility. Still,
there are plenty of lower-volume vehicles that do not attract this
sort of model-line loyalty when they are redesigned.
The Range Rover loyalty rate helped hoist parent Land Rover
brand loyalty to 38.9% year-to-date – a 9.5 percentage-point
increase year-over-year. For reference, Tesla led luxury brands
with 68.0 percent loyalty.
The delayed-response explanation tracks data and company reports
about Land Rover’s difficulty getting <span/>needed computer chips as it was launching
the new Range Rover. The redesigned fifth-generation Range Rover
went on sale in the US in May 2022, but inventories have been
tight. Range Rover available retail advertised inventory stayed
under <span/>11 days for
the past eight months, with a mere 6.2 days in April, according to
S&P Global Mobility analysis.
Despite the inventory shortfall and the abbreviated selling period
last year, the Range Rover nonetheless won the 2022 S&P Global
Mobility Loyalty Award for the Luxury Full-Size <span/>SUV segment.
With the updated version, Land Rover is rolling out a broader
Range Rover lineup that includes seven-seat versions to match
luxury-utility competitors. The brand plans to release a Range
Rover electric vehicle next year.
2023 S&P GLOBAL MOBILITY LOYALTY AWARDS
WATCH OUR QUARTERLY LOYALTY WEBINAR
MEASURING VEHICLE LOYALTY, CONQUEST AND DEFECTION
This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.
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- Source: http://www.spglobal.com/mobility/en/research-analysis/and-the-vehicle-with-the-most-loyal-repeat-buyers-so-far-is.html
