Retail new light vehicle market share among ethnic consumers in
the US combined reached a record 33% in September 2022. In other
words, one of every three new vehicles registered was to households
belonging to one of three major ethnic groups – African American,
Asian, or Hispanic.
Looked at individually, Hispanic share of the new vehicle market
climbed almost three percentage points since 2016 – to 17% of the
market this past September, Asian share climbed almost two
percentage points to 8%, while African American share declined
slightly to 8% in the same timeframe.
At the brand level, Tesla has done the best job of appealing to
these ethnic consumer groups; in September, 43% of all retail Tesla
registrations were to ethnic consumers. The next four brands based
on major ethnic share are Toyota, Mitsubishi, Dodge and Lexus.
The market shares for each of the three ethnic groups vary by
region; African American share is the highest in the Southeast US
at 15%; Asians account for 16% of registrations in the Western US,
their strongest part of the country, and Hispanic share of 30% in
the Southwest leads all other regions.
Given that these groups together account for one of every three
new vehicle registrations, and that two of them – Asians and
Hispanics – are gaining share, an increasing number of brands are
developing specific marketing teams and campaigns to market their
portfolios to diverse consumers.
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Top 10 Industry Trends Report
This automotive insight is part of our monthly Top 10
Industry Trends Report. The report findings are taken from
new and used registration and loyalty data.
The November report is now available, incorporating October 2022
CFI and LAT data. To download the report, please click below.
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/ethnic-share-in-us-light-vehicle-market-reaches-a-record-33.html
