Hispanics are leading multi-cultural growth in the automotive industry
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 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.
1Ethnicity based on person who registered the vehicle.
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