Collaboration between financial institutions and tech companies is essential to stay competitive and enhance the consumer experience.

While many view Experian as a credit bureau, we have a rich history in identifying and analyzing emerging market shifts and consumer behaviors across industries, particularly automotive. In fact, Experian’s Automotive Consumer Trends Report: Q1 2025 is one of our many reports that provide essential intel for automotive professionals navigating today’s competitive landscape. And this quarter’s report sheds light on SUVs (including SUVs and CUVs)—a segment that continues to pique consumers’ interest. Data in the first quarter of this year found 62.8% of new retail registrations were SUVs, accounting for the largest portion of market share over the last 12 months—compared to sedans (18.4%), pickup trucks (16.6%), and vans (2.2%). While overall SUV registrations highlight the growing dominance in this sector, a closer look at the data revealed that electric SUVs are emerging as a contributor to this momentum. In Q1 2025, electric SUVs accounted for 10.5% of new retail SUV registrations—and within that group, 30.7% were registered in the state of California. It’s crucial for automotive professionals to monitor these trends and prepare accordingly as the fuel type continues to grow. Which electric SUV models are catching buyers’ attention? Knowing which types of electric SUVs are attracting consumer interest can enable professionals to align their offerings with market demand. The Tesla Model Y made up nearly half of the new retail SUV registrations for exotic and luxury in the last 12 months, coming in at 40.5%. Interestingly, the next closest model, Ford Mustang Mach-E, trailed behind at 5.8%. Rounding out the top five were the Hyundai IONIQ 5 (5.5%), Honda Prologue (4.9%), and Chevrolet Equinox EV (4.3%). Understanding SUV registrations goes beyond data—it’s about spotting the shift in consumer behavior as this segment as well as the EV fuel type continues to break ground in the automotive landscape. This insight gives professionals the leverage they need to adapt and refine their strategies in the next era of mobility. To learn more about SUV insights, view the full Automotive Consumer Trends Report: Q1 2025 presentation.

Understanding generational trends and preferences is more crucial than ever, especially for the financial services industry.