US Auto Market Insights - December 2021

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The December 2021 Automotive Advisory Insights from IHS Markit focuses on how despite being the smallest of the three major ethnic groups, Asians are thriving auto buyers in the US.

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Asians: Thriving Auto Buyers

Asians spend more on cars

Despite being the smallest of the three major ethnic groups, Asians spend more on new cars. The average MSRPfor Asian new registrations in the first nine months of 2021 was $37,934, compared to $33,710 for African Americans, and $33,677 for Hispanics (Fig. 1). According to the U.S. Census Bureau, the Asian ethnicity was the fastest growing segment in the U.S population in 2020 (up 35%). This demographic is an important part of the diverse automotive consumer landscape.

The December 2021 Automotive Advisory Insights from IHS Markit focuses on how despite being the smallest of the three major ethnic groups, Asians are thriving auto buyers in the US. Additional coverage includes Asian new car buyer demographics, brand share and loyalty performance.

Fill out the form to download the latest edition and receive future monthly installments.

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