SCHAUMBURG, Ill. - Experian Automotive today announced the findings from its quarterly analysis of the automotive industry, entitled Drive market share gains: an exclusive look into recent automotive market trends. According to the report, new vehicle registrations reached 2,926,716 units, up 13.5 percent from Q2 2009. It was the second-highest level of registrations in the past seven quarters, eclipsed only by Q3 2009, which was boosted by the Cash for Clunkers program, PR Newswire reported.
The report also showed that new vehicle registrations went up for the third consecutive quarter year over year. Registrations in Q2 2010 versus Q2 2009 were up by 13.5 percent, while Q4 2009 versus Q4 2008 showed a 4.0 percent increase and Q1 2010 versus Q1 2009 showed a 16.7 percent gain. Additionally, Q2 2010 versus Q2 2009 analysis showed that the Full Size Pickup segment had the greatest increase (up 57,607 units) in new vehicle registrations, while the Small Car Budget and Hybrid Car segments had the largest drop (down 6,772 and 5,296 units, respectively).
"Slowly but surely, the industry is gaining momentum," said Scott Waldron, president of Experian Automotive. "While there is still much work to be done to return the industry to previous sales registration levels, having three quarters of growth in a row is a very positive step forward for the automotive industry."
The top seven manufacturers showed new vehicle registration gains in Q2 2010. Ford had the highest gain (up 70,518 units), followed by General Motors (up 60,600 units) and Chrysler (up 48,415 units). Nissan had the highest percentage increase in new vehicle registrations (22.1 percent), followed by Chrysler (21.5 percent) and Hyundai (18.5 percent).
"Improved sales are not limited to one or two healthy companies, but rather represent growth for the entire industry," said Jeffrey Anderson, director of consulting and analytics for Experian Automotive. "This slow, steady upward trend isn't bolstered by one or two hot models or artificial stimulants such as Cash for Clunkers, but rather an improvement in overall consumer demand."
Other key findings in this quarter's report include:
Customers are continuing to hold on to vehicles longer and are returning to the market less often.
Ford registered the largest market share gain, up 1.3 percent in Q2 2010 compared with Q2 2009. Other companies that gained market share included Nissan (0.6 percent) and Hyundai (0.4 percent).
Ford maintained the top spot for corporate loyalty at 48.3 percent during Q2 2010. Other leaders included General Motors (47.2 percent), Toyota (47.2 percent), Hyundai (45.7 percent) and Honda (43.9 percent).
Hyundai customer loyalty has continued to rise, jumping from 40 percent in January 2010 to 45.7 percent in Q2 2010. Hyundai passed Honda in customer loyalty for the first time in Q2 2010.
Chrysler also has shown a steep rise in customer loyalty, jumping from 20 percent in August 2009 to 31.1 percent in Q2 2010.
