As more consumers lean towards adaptable and efficient vehicles that fit their everyday lifestyle, it’s no surprise to see the nuanced shifts in consumer preferences over recent years.
For instance, compact utility vehicles (CUVs) have resonated with those seeking versatility—emerging as the most registered new vehicle segment in the first quarter of 2024 at 51.1%, according to Experian’s Automotive Consumer Trends Report.
When exploring the depths of CUV registrations, data showed Toyota led the market share for the non-luxury segment at 14.9% in Q1 2024. They were followed by Chevrolet (12.1%), Honda (11.4%), Subaru (10.4%), and Hyundai (10.0%).
On the luxury side, Tesla accounted for 28.0% of the market share this quarter and Lexus trailed behind at 14.1%. Rounding out the top five were BMW (12.2%), Audi (8.6%), and Volvo (6.2%).
CUV registration trends by generations
It’s notable that different generations are drawn to CUVs for a multitude of personal preferences that align with their respective lifestyles.
For example, Baby Boomers made up 32.3% of new retail registrations for CUVs and Gen X was close behind at 30.4% in Q1 2024. They were followed by Millennials (23.6%), Gen Z (7.9%), and the Silent Generation (5.4%).
While some generations seek a vehicle that strikes a balance between practicality and comfort, others may prefer smaller and more maneuverable vehicles. Nonetheless, CUVs making up just over half of new retail registrations is something that should be watched closely.
By leveraging multiple data points such as who is in the market for a CUV as well as the types of makes and models they’re interested in, professionals have the opportunity to strategize new ways to effectively reach shoppers.
To learn more about CUVs, view the full report at Automotive Consumer Trends Report: Q1 2024.
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