An Automotive Minute [S2|E36] Consumer Preferences Continue to Shift with Tom Libby
A recent analysis of IHS Markit new light vehicle registrations through July this year finds sport utilities account for 50% of all new vehicle registrations, up from 31% ten years ago. If today’s mix continues for the remainder of this year, it would mark the first time in recent history that one body style has captured half of the U.S. new vehicle industry.
Market share for mainstream pickups has also grown, driven in part by intense competition among the domestic manufacturers that dominate this space. Through July, pickups account for 19.9% of all new vehicle registrations in the US, outpacing sedans for the first time in recent history.
With SUV/CUVs and pickups now accounting for more than two thirds of all U.S. new vehicle registrations, manufacturers need to ensure that their product portfolios align with this new paradigm.
I’m Tom Libby with an IHS Markit Minute
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