New vehicle registrations are at record levels in 2015, suggesting the old sales record of 17.4 million will fall.
The news has been filled with all types of statistics to quantify the number of new vehicles have been sold this year. Well, the simplest may be this: in the last 12 month, 17 million new vehicles have been sold: the best result since 2006.
Experian Automotive released the number of new vehicle registrations from Nov. 1, 2014 through Oct. 31, 2015 in the U.S. and the number matches the record result from 2006, and supports the assertion that 2015 will set a new single-year mark.
“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.”
While the numbers may mirror previous record results, what consumers are buying now isn’t close to what they were buying then. For example, crossover utility vehicles account for 23.9% of the market in 2015, up from 11.9% in 2006.
(Buying a luxury vehicle? Must be December! For more, Click Here.)
The midsize car segment was the biggest seller nearly a decade ago, capturing 26% of the market and it’s still the second-biggest group at 22%. The 2006 and 2015 results for the remaining segments include:
- Pickups : 17.5%/14.2%
- Small car: 11.1%/13.3%
- Sport-utility vehicle: 13.3%/11.5%
- Upscale car: 6.5%/5.4%
- Van: 8.1%/5.1%
- Sports car: 3.5%/3%
- Alternative power car: 0.7%/1.7%
“The crossover utility vehicle segment, with popular entries like the Ford Escape, the Honda CR-V, the Chevrolet Equinox and the Toyota RAV4, provides consumers with a nice balance between utilitarian need and fuel economy,” continued Smith.
(Click Here for details about truck sales in November setting up a record year.)
“All-wheel drive versions and roof racks provide the recreational sportsman with the fit and function needed for weekend getaways, while the rear hatch makes these vehicles a viable grocery-getter as well.”
The data also showed that Ford, Chevrolet, Toyota, Honda and Nissan held the top five spots in market share in 2015, making up 54% of the 17 million new vehicle registrations.
In terms of individual vehicles, the Ford F-150 and Chevy Silverado are still the two biggest sellers capturing 2.9% and 2.6% of marketshare in 2015. The Toyota Camry was third at 2.5% while the Toyota Corolla, Honda CR-V and Honda Accord were next all at 2.1%.
(To see the luxury brand brawl battling into December, Click Here.)
Not surprisingly, the states with the largest number of new registrations were California at 11.8% and Texas at 9.2% with Florida, New York and Illinois rounding out the top five states for new vehicle registrations.