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S&P Global Mobility recently finalized its 2023 registration
data for the US light vehicle market. As you may know, our
registration data are compiled from all 50 states and require time
for aggregation and analysis to ensure accuracy before publishing,
hence the different reporting time from other industry sources.
We’re frequently asked about the market dynamics; top models,
retail volumes and share, electric and hybrid take rates, etc. As
such, we’re happy to share the following insights from our 2023
data analysis. Please note that each metric is addressed in two
separate tables; the first one focuses on total
new light vehicle registrations and the second one focuses on
retail new light vehicle registrations in
2023.
We’ve also included a few topline observations from Tom Libby,
associate director of industry analysis and loyalty from our
team.
Observations:
- Based on total new light vehicle registrations, eight of the
top ten in 2023 were also in the top ten a year ago; the models
that made the list this year, but not in 2022, are Nissan Rogue and
Jeep Grand Cherokee. - Four of the top ten models are full-size pickups.
- It is unusual to see a luxury model rank in the top ten
industry-wide, given that the entire luxury market accounts for
19.6% of the market but the Tesla Model Y ranked in the top ten
both last year and this year based on total new registrations,
improving from #9 in 2022 to #5 in 2023. - Only one sedan, the Toyota Camry, ranked in the top ten both
this year and last; however, it ranked #8 in 2023 versus #5 a year
ago.
Observations:
- Based on total new light vehicle registrations, eight of the
top ten in 2023 were also in the top ten a year ago; the models
that made the list this year, but not in 2022, are Nissan Rogue and
Jeep Grand Cherokee. - Four of top ten models are full-size pickups.
- It is unusual to see a luxury model rank in the top ten
industry-wide, given that the entire luxury market accounts for
19.6% of the market but the Tesla Model Y ranked in the top ten
both last year and this year based on total new registrations,
improving from #9 in 2022 to #5 in 2023. - Only one sedan, the Toyota Camry, ranked in the top ten both
this year and last; however, it ranked #8 in 2023 versus #5 a year
ago.
Observations:
- Two Tesla models accounted for more than half of all US EV
registrations in 2023. - The top 10 EV models accounted for 75% of all new EV
registrations in 2023, even though there were 83 EV models on the
market.
Observations:
- The two high-volume Tesla models accounted for 57% of retail
new EV registrations across the industry, but they only accounted
for 52% of total new EV registrations. - The two lists are similar; the only difference in models is
that the Tesla Model S is on the retail list but not the total list
and the Kia EV6 only appears on the total list. - At the retail level, all four Tesla models rank in the top
10.
Observations:
- The two Honda hybrids account for more than one of every five
hybrids registered in 2023. - All ten of these models come from four brands, with two cars on
the list. - The top five models accounted for 42% of all hybrids registered
last year, among 77 models on the market. - Sienna’s inclusion is noteworthy because the mid-size van
category has declined substantially and accounted for only 1.6% of
new retail registrations in 2023.
Observations:
- Similar to the total list, two cars appear on this retail
list. - Five of the hybrids on the retail list are compact
utilities.
The Fuel type detail included below reflects
retail registrations by fuel type at the national level and also
includes a state ranking based on EV share of industry in the top
10 states.
This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.
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