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Hispanics are leading multi-cultural growth in the automotive industry
11 February 2021
US Analysis: Hispanics are leading multi-cultural growth
in automotive industry
In 2020, 29% of new vehicles registered were multi-cultural
(Hispanic, Asian, African American). This figure has been
increasing since 2011, when multi-cultural share of new
registrations was 22% (Fig. 1). Hispanics now make up more than
half of the multicultural market, accounting for 68% of industry
volume growth from 2011 to 2020 (not shown).
The South is the largest Hispanic region, with continued
growth
The South and West regions combined equal about 80% of Hispanic
new registration volume (Fig. 2). The South has the largest share,
representing 45% of Hispanic new registrations in 2020. This is an
increase of 3 points from 2018, at the expense of the West. The Los
Angeles DMA® led the decline in the West, while Miami led the
increase in the South. However, non-traditional Hispanic markets
(e.g., Atlanta, Raleigh, and Charlotte) are also contributing to
the boost in the South's share.
Read more
Read our full Automotive Advisory Insights from IHS Markit. The
February 2021 issue focuses on the US Hispanic market. Additional
coverage includes preferences on body style, age cohorts, loyalty
and top brands.
Production revisions continue to reflect the dynamic environment impacting the auto industry. Learn more about S&P… https://t.co/RI0yTyZ5UH
Jun 28
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