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The rapid increase in gasoline prices has not changed consumer preferences when buying a car in the United States. The latest sales figures show that, despite inflation and economic uncertainty, American motorists continue to buy big vehicles.
According to information provided by JATO Dynamics, SUVs and pickups recorded new market share records in the first four months of 2022, accounting for 72.9 percent of total passenger car sales between January and April. Of these, 3.32 million units out of a total of 4.56 million. Of the two segments, SUVs are the dominant force by a wide margin, accounting for 53.5 percent share and 19.4 percent for trucks.
Combined, this is by far the largest share in the world for these vehicles and yet another example of how unique the US market is. This also explains why electrification here is struggling to take off compared to other regions, such as Europe or China.
Fastest Growth Segment
Despite their dominant position, SUVs and pickups have been the market share leaders for the past four years. A year before the pandemic hit the global economy, these two segments accounted for 63 percent of total sales from January-April 2019. The market share in 2020 rose to 67.9 percent, and continued to rise to 70.5 percent for the same four-month span in 2017. 2021. .
In total, the truck/SUV market share increased by 9.9 points between 2019 and 2022. SUVs stand out in the group, as the market share for this segment has not stopped growing. In 2019, it was 46.1 percent, rising to 47.5 percent in 2020 and 52.3 percent last year. This means that the SUV market share has increased by 7.4 points over the years. Meanwhile, trucks peaked in 2020 at 20.4 percent but dropped back to 18.2 percent in 2021. So far in 2022 it’s 19.4 percent.
Interestingly, that growth is very much in keeping with the sedan’s decline. The biggest losers in this period were sedans, down from 23.4 percent in the first quarter of 2019 to just 16.3 percent this year. In terms of volume, the sedan found 1.25 million new customers in 2019 and just 742,000 in the year to April.
Tesla, Hyundai, and Toyota SUVs Are Hot
The strong sales of the Tesla Model Y are part of the surge in SUV market share. Since its introduction in 2020, it has become the most popular electric vehicle in the United States, surpassing the Model 3. In fact, the Model Y was the 13th best-selling car through April 2022, and the seventh most-purchased SUV.
The Model Y allowed Tesla to increase its market share in the SUV segment from 0.2 percent in 2019 to 2.7 percent this year. This is the highest increase among all brands selling SUVs. The Tesla brand is followed by Hyundai, up 2.4 points thanks to the latest generation Palisade and Tucson.
Toyota, on the other hand, took the top spot thanks to the RAV4, the country’s best-selling SUV in 2021, and the fifth-best Highlander last year. So far until 2022, the Highlander is third on the SUV list.
SUVs and Electric Pickups Shape the Future
This transition to SUVs and pickups from sedans and hatchbacks will continue in the years to come, and electrification will spread. The Model Y is already joined by the Ford Mustang Mach-E, Hyundai Ioniq 5, and Kia EV6. Upcoming electric SUVs like the Chevrolet Equinox EV, Chrysler Airflow, and many others should allow this growth to continue.
On the pickup side, the Ford F-150 Lightning is already here. The first electric Chevrolet Silverado EV and Ram are coming soon, not to mention the Tesla Cybertruck. When more electric models become available, will Americans be persuaded to switch or will they stick with internal combustion for as long as possible?
The article’s author, Felipe Munoz, is an Automotive Industry Specialist at JATO dynamics.
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