The pandemic may feel like a thing of the past for many people, but the impacts are still being felt across the country — including within the automotive market.
The COVID-19 crisis and vehicle supply shortages that ensued created chaos, and the unprecedented dynamics that resulted paved the way for significant changes in the new light vehicle sales market, according to DesRosiers Automotive Consultants.
“The automotive market is still facing unprecedented dynamics,” said Andrew King, Managing Partner at DAC, in a statement. “Vehicle availability has acted as a key determinant of performance alongside more traditional variables such as consumer choice and pricing, leading to some unusual shifts in market share.”
When considering, as an example, the percentage change in market share from 2019 (year end) compared to the first half of 2023, DAC highlights Genesis as the standout performer. The brand experienced a market share growth during this period — now accounting for 0.4% of the market.
DAC also focused on another lower-volume player in the market: Maserati. The brand experienced a market share growth of 114%. The booming luxury market also saw Lexus and Porsche enjoy strong performances, with market shares rising 50% and 46%, respectively.
“Amongst higher volume brands Mitsubishi also saw significant success since 2019, with market share rising 65%, while Kia rounds out the top six with a 32% gain,” said DAC. They added that, in terms of raw percentage point increases, General Motors enjoyed a market share boost from 13.4% in 2019 to 15.7% for the first half of 2023.
