Wednesday, December 23, 2015

Auto Sales On A Boom : 17 Million Registered And How Consumer Car Buying Habits Have Shifted In 9 Years

Experian Automotive announced earlier this month that new vehicle registration volumes for light-duty vehicles reached the highest point in the past nine years. During the rolling year from Nov. 1, 2014, through Oct. 31, 2015, there were more than 17 million new vehicles registered within the United States — a metric that hasn’t been achieved since 2006.
 
The highest number of new registration volumes on record was 17.4 million in 2006, and the lowest point was during the Great Recession, when volumes hit 10.2 million in 2009.
 

"It’s encouraging to see new registrations return to prerecession levels, with lower interest and higher employment rates driving vehicle demand,” said Brad Smith, Experian’s director of automotive market statistics. “While I’m sure the auto industry would like to continue this growth annually, it is important to continually monitor data trends and economic indicators to identify shifts in demand and adjust business strategies accordingly.”
 
Further insight from the data showed that, while there is now a near-identical volume of vehicles registered, consumer buying habits have changed over the past nine years. For example, crossover utility vehicles account for nearly 24 percent of the market in 2015, up more than 100 percent from 2006.
 
Segment
2006 Market share
2015 Market share
Crossover utility vehicle
11.9 percent
23.9 percent
Midrange car
26.5 percent
22.0 percent
Pickup
17.5 percent
14.2 percent
Small car
11.1 percent
13.3 percent
Sport utility vehicle
13.3 percent
11.5 percent
Upscale car
6.5 percent
5.4 percent
Van 
8.1 percent
5.1 percent
Sports car
3.5 percent
3.0 percent
Alternative power car
0.7 percent
1.7 percent

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