Toyota is leading the SUV race, but Tesla is catching up.
Consumer preferences for buying cars in America have not been affected by rapid increases in gasoline prices. According to the most recent sales figures, American motorists continue to purchase large vehicles despite economic uncertainty and inflation.
According to JATO Dynamics information, pickups and SUVs accounted for 72.9 percent each of passenger car sales between January-April 2022. It is 3.32 Million units, out of a total 4.56 million. The dominant segment is SUVs, which account for 53.5 percent, compared to trucks’ 19.4 percent.
It is the largest market share worldwide for these vehicles, and another illustration of the unique US market. This is why electrification in the US is not gaining momentum like it has in other countries, such as Europe and China.
The Fastest Growing Segments
Over the last four years, pickups and SUVs have held a dominant market share. The two segments accounted in total for 63% of global sales between January and April 2019, a year before the pandemic. In 2020, the market share jumped to 67% percent and then continued to climb to 70.5 percent over the same period in 2021.
Between 2019 and 2022, the truck/SUV market share grew by 9.9 percent. The market share for SUVs is growing rapidly, making them a prominent part of the group. It was 46.1 percent in 2019, rising to 47.5% in 2020, and 52.3 percent last Year. The market share of SUVs has increased 7.4 percent over the past decade. Trucks peaked at 20.4 percent in 2020, but have slipped to 18.2 percent since then. It is currently at 19.4 per cent in 2022.
Surprisingly, the sedan’s decline has been mirrored by the sedan’s growth. Sedans are the biggest losers in this time period, falling from 23.4 percent in Q1 2019 to 16.3 percent in Q2. Sedans gained 1.25 million customers in 2019, and only 7422,000 this year through April.
Tesla, Hyundai, and Toyota SUVs are Hot
The SUV’s growing market share is due to strong sales of the Tesla Model Y. It has been the most-loved electric vehicle in America since its debut in 2020. This surpasses the Model 3. Model Y was actually the 13th-best-selling car and seventh-most-purchased SUV through 2022 April.
The Model Y has allowed Tesla an increase in its market share in SUVs from 0.2 percent in 2019, to 2.7 percent in 2019. This is the largest increase of all SUV brands. The Tesla brand was closely followed by Hyundai. This is a 2.4-point increase thanks to the Palisade as well as the Tucson.
Toyota meanwhile, was the number one spot. This is thanks to the RAV4 which was the country’s top-selling SUV in 2021 and the Highlander, which was fifth last year. The Highlander has risen to third place on the SUV list through 2022.
Future of Electric SUVs and Pickups
In the future, electrification will be more widespread as SUVs and pickups replace sedans and hatchbacks. The Model Y already includes the Ford Mustang, Hyundai Hyundai Ioniq5 and the Kia EV6. The Chevrolet Equinox, Chrysler Airflow and many other electric SUVs should allow for this growth.
The Ford F-150 Lightning pickup is available. The Chevrolet Silverado and the first electrical Ram will be available soon. Will Americans switch to electric vehicles as more models become available?