Customer Logins
Obtain the data you need to make the most informed decisions by accessing our extensive portfolio of information, analytics, and expertise. Sign in to the product or service center of your choice.
Customer LoginsHispanic population in the U.S. surges – what about in the new vehicle market?
New 2010 Census Bureau data released March 24 includes the fact
that there are now 50 million Hispanics living in the U.S., a
record-setting level and one-sixth of the total U.S. population.
Also, Hispanics accounted for more than half of the U.S. population
growth during the past decade.
These data beg the question of whether there has been similar
growth in Hispanic new vehicle purchases in this country. The
answer is, "No." The percentage of new vehicle buyers in the U.S.
who are Hispanic has actually declined 1.5 percentage points from
2006 to 7.1% in 2010. And, only two makes, Ferrari and Buick,
enjoyed a growth of one percentage point or more in Hispanic buyer
mix. Aside from those two makes and three others that exhibited
even smaller increases, every other make in the industry suffered a
decline in percentage of Hispanics from 2006 to 2010.
A look at a list of the 10 makes with the highest volume of
Hispanic buyers suggests at first glance that these makes are
similar to those with the greatest number of new vehicle buyers,
regardless of ethnicity. But a closer look shows that the domestics
lag behind their Asian rivals in appealing to Hispanics. Chevrolet
and Ford each have less than half the number of Hispanic buyers
when compared to Toyota, a far lower ratio than their industry-wide
positions. And Honda and Nissan both have more Hispanic buyers than
either Chevrolet or Ford, while industry-wide the opposite is the
case.
Lastly, the 10 makes with the highest percentage of Hispanic buyers
are all Asian or European.
These new vehicle data suggest there is a large opportunity for all
makes - particularly the domestics - to capture additional new
vehicle business if they can effectively appeal to the surging
Hispanic population.
Posted by Tom Libby, PolkInsight Advisor, Polk
(03.29.2011)