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Customer loyalty to utility vehicles reaches record levels
Consumer loyalty to utility vehicles continues to grow at record levels, according to recent analysis by business information provider IHS Markit. This trend is expected to continue, given the steady growth of utilities and pickups at the expense of sedans. Over the next three years, there will be five times as many new utility nameplates introduced to the U.S. market as new sedans.
The IHS Markit analysis of 17.1 million new vehicle registrations in 2017 proves loyalty to utility vehicles reached a record high 66.9 percent last year, up from 64.4 percent in 2016 and from 54.3 percent in 2012. Two of every three households with a utility vehicle in the garage that returned to market in 2017 acquired another utility vehicle. Utility loyalty is 14.6 percentage points higher than the industry average loyalty of 52.3 percent. In addition, pickup truck loyalty in 2017 has risen, measuring 50.6 percent, up 8.1 percentage points since 2012.
Conversely, sedan loyalty has fallen to 47.7 percent in 2017, down 8.5 percentage points since 2012, representing the furthest drop of all body types over the five-year period. In 2012, sedan loyalty led the industry with 56.2 percent loyalty.
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Utility vehicle market crowding is on the horizon. IHS Markit expects utility offerings to increase 50% in the nex… https://t.co/MoG1WAppY3