Experian Automotive announced that new vehicle registration volumes for light-duty vehicles reached the highest point in the past nine years. During the rolling year from Nov. 1, 2014, through Oct. 31, 2015, there were more than 17 million new vehicles registered within the U.S. – a metric that hasn’t been achieved since 2006.
The highest number of new registration volumes on record was 17.4 million in 2006, and the lowest point was during the Great Recession, when volumes hit 10.2 million in 2009.
“It’s encouraging to see new registrations return to prerecession levels, with lower interest and higher employment rates driving vehicle demand,” said Brad Smith, Experian’s director of automotive market statistics. “While I’m sure the auto industry would like to continue this growth annually, it is important to continually monitor data trends and economic indicators to identify shifts in demand and adjust business strategies accordingly.”
Further insight from the data showed that, while there is now a near-identical volume of vehicles registered, consumer buying habits have changed over the past nine years. For example, crossover utility vehicles account for nearly 24 percent of the market in 2015, up more than 100 percent from 2006.
“The crossover utility vehicle segment, with popular entries like the Ford Escape, the Honda CR-V, the Chevrolet Equinox and the Toyota RAV4, provides consumers with a nice balance between utilitarian need and fuel economy,” said Smith. “All-wheel drive versions and roof racks provide the recreational sportsman with the fit and function needed for weekend getaways, while the rear hatch makes these vehicles a viable grocery-getter as well.”
The data also showed that Ford, Chevrolet, Toyota, Honda and Nissan held the top five spots in market share in 2015, making up 54 percent of the 17 million new vehicle registrations.