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SUVs: A Deeper Dive Into New Retail Registrations

January 9, 2024 by Kirsten Von Busch

With vehicle preferences continuing to shift throughout the automotive industry, it’s notable that CUVs and SUVs made up over 61% of new retail registrations over the last 12 months—something professionals should keep in mind as they assist shoppers.

According to Experian’s Automotive Consumer Trends Report: Q3 2023, CUVs accounted for 48.3% of new retail registrations and SUVs comprised 13.0%.

While CUVs are currently leading the market, data from the third quarter of 2023 focused on SUV trends to get a better understanding of what makes and models consumers are interested in for this segment.

For instance, 80.9% of SUV registrations in the last 12 months were considered to be non-luxury and the remaining 19.1% were luxury and exotic. Furthermore, large SUVs accounted for 38.0% of the registration market share, while 39.8% were midsize and 22.1% were compact in the same time frame.

Breaking the data down further, Jeep was the market share leader for non-luxury SUVs in the last 12 months at 25.1% and Ford came in second at 21.5%. Rounding out the top five were Chevrolet (17.0%), Toyota (10.30%), and Honda (8.30%).

As for luxury and exotic SUV registrations in the last 12 months, Mercedes-Benz led market share at 25.2%. They were followed by Land Rover at 21.1%, Cadillac (12.2%), Infiniti (11.1%), and Lexus (10.3%).

When looking at who is purchasing SUVs, Gen X led the retail registration by generation in Q3 2023—coming in at 36.0%, followed by Millennials at 27.6%, Boomers at 25.3%, Gen Z (7.5%), and Silent (3.3%).

Understanding and leveraging multiple data points can help automotive professionals reach the right audience and effectively find a vehicle that fits a consumer’s needs, as well as stay ahead of the trends in a dynamic market.

To learn more about SUVs, view the full Automotive Consumer Trends Report: Q3 2023 presentation.

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