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New Vehicle Registrations up as Market Begins to Stabilize in Q3

Published: December 21, 2023 by Guest Contributor

As vehicle inventory continues to restore post-pandemic, data through the third quarter of 2023 showed new vehicle registrations are on the rise again—a positive sign that the market is leveling out.

According to Experian’s Automotive Market Trends Report: Q3 2023, new vehicle registrations increased 12.7% year-over-year, reaching 11.5 million. On the used side, registrations declined to 29.3 million through Q3 2023, a 2% decrease from 29.9 million last year.

Digging a bit deeper, CUVs/SUVs were the most registered new vehicle segment at 56.9%, up from 56.2% compared to last year. Pickup trucks declined from 18.6% to 17.4% year-over-year and sedans went from 17.1% to 16.8% in the same time frame.

While knowing what types of vehicles consumers are interested in is beneficial for automotive professionals, breaking down the most sought-after models will paint a fuller picture as they assist shoppers in finding a vehicle that fits their needs.

For instance, despite new pickup truck registrations declining year-over-year, the Ford F-150 made up the highest share of new vehicle registrations through Q3 2023—reaching 3%. The Tesla Model Y and Toyota RAV4 were not far behind, both coming in at 2.5% this quarter. They were followed by the Chevrolet Silverado 1500 and Honda CR-V tying at 2.3%.

ICE vehicles continue to grow

Taking a deeper dive into the fuel type share, ICE vehicles continue to grow year-over-year, even with electric vehicles (EVs) making headway into the market.

Experian Automotive’s Vehicles in Operation (VIO) data as of Q3 2023 shows ICE vehicle registrations grew to 265.7 million, up from 264.5 million last year, while hybrid vehicles increased to 8.0 million, from 6.9 million in the same time frame. Meanwhile, EVs went from 2.0 million last year to 3.0 million this year and diesel saw a slight uptick from 9.6 million to 9.9 million in the same period.

Leveraging different data points and staying up to date on vehicle registration trends can better prepare professionals as the market remains ever-changing and consumer preference continues to shift.

To learn more about vehicle market trends, view the full Automotive Market Trends Report: Q3 2023 presentation on demand.

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Published: August 29, 2025 by Jonathan Reese

While Experian is known as a trusted source for credit insights, we have built a reputation for helping car shoppers, dealers, and lenders make informed decisions with confidence in the automotive space. Leveraging the value of data is key for identifying the latest trends in markets, behaviors, and industry changes. In fact, Experian’s Automotive Market Trends Report: Q1 2025 revealed the latest shifts in alternative fuel type registrations. Through the first quarter of this year, data found that growth in retail registrations for electric vehicles (EVs) is slowing compared to previous years, reaching 7.8%, down from 7.9% last year and 7.1% the year prior. Meanwhile, hybrids increased to 13.6% of new retail registrations through Q1 2025, from 11.3% through Q1 2024 and 8.8% through Q1 2023. Some of the uptick in hybrids may be attributed to consumers’ concerns with EV charging infrastructure and range anxiety. Hybrids are known to offer practical middle grounds—with the convenience of refueling and not having to plan longer trips around charging availability, this fuel type is becoming a more ideal choice for some. Vehicle preferences continue to vary by age group Through Q1 2025, Gen Z accounted for 14.8% of new retail hybrid registrations and 8.4% of EV registrations, while Millennials made up 15.9% for hybrid and 11.4% for EVs. On the other hand, Baby Boomers were at 16.3% for hybrids and 5.9% for EVs this quarter. Younger generations have naturally gravitated towards the gas-alternative fuel types as it aligns with their current lifestyle, including everyday commuting and the tech-forward features that these vehicles offer. As the automotive industry continues to evolve, staying attuned to the shifting landscape is essential. We’re committed to delivering insights that will help professionals make forward-looking decisions and stay ahead of the curve. To learn more about vehicle market trends, view the full Automotive Market Trends Report: Q1 2025 presentation on demand.

Published: July 7, 2025 by John Howard

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.

Published: June 24, 2025 by Kirsten Von Busch

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