As vehicle inventory continues to restore post-pandemic, data through the third quarter of 2023 showed new vehicle registrations are on the rise again—a positive sign that the market is leveling out.
According to Experian’s Automotive Market Trends Report: Q3 2023, new vehicle registrations increased 12.7% year-over-year, reaching 11.5 million. On the used side, registrations declined to 29.3 million through Q3 2023, a 2% decrease from 29.9 million last year.
Digging a bit deeper, CUVs/SUVs were the most registered new vehicle segment at 56.9%, up from 56.2% compared to last year. Pickup trucks declined from 18.6% to 17.4% year-over-year and sedans went from 17.1% to 16.8% in the same time frame.
While knowing what types of vehicles consumers are interested in is beneficial for automotive professionals, breaking down the most sought-after models will paint a fuller picture as they assist shoppers in finding a vehicle that fits their needs.
For instance, despite new pickup truck registrations declining year-over-year, the Ford F-150 made up the highest share of new vehicle registrations through Q3 2023—reaching 3%. The Tesla Model Y and Toyota RAV4 were not far behind, both coming in at 2.5% this quarter. They were followed by the Chevrolet Silverado 1500 and Honda CR-V tying at 2.3%.
ICE vehicles continue to grow
Taking a deeper dive into the fuel type share, ICE vehicles continue to grow year-over-year, even with electric vehicles (EVs) making headway into the market.
Experian Automotive’s Vehicles in Operation (VIO) data as of Q3 2023 shows ICE vehicle registrations grew to 265.7 million, up from 264.5 million last year, while hybrid vehicles increased to 8.0 million, from 6.9 million in the same time frame. Meanwhile, EVs went from 2.0 million last year to 3.0 million this year and diesel saw a slight uptick from 9.6 million to 9.9 million in the same period.
Leveraging different data points and staying up to date on vehicle registration trends can better prepare professionals as the market remains ever-changing and consumer preference continues to shift.
To learn more about vehicle market trends, view the full Automotive Market Trends Report: Q3 2023 presentation on demand.
