New-vehicle registration volumes for light-duty vehicles in the U.S. reached 17 million, the highest number since 2006 when registration volumes hit a record 17.4 million, reported Experian Automotive.
“It’s encouraging to see new registrations return to prerecession levels, with lower interest and higher employment rates driving vehicle demand,” said Brad Smith, director of automotive marketing statistics at Experian, in a written release.
“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,” Smith added.
Experian data also shows that consumer buying habits have changed over the past nine years. For example, the crossover utility vehicle segment, which accounts for nearly 24 per cent of the market, only made up about 12 per cent of market share in 2006.
Ford, Chevrolet, Toyota, Honda and Nissan vehicles also held the top five spots in market share in 2015, making up 54 per cent of the 17 million new-vehicle registrations in the U.S.
California had the top number of registrations accounting for almost 12 per cent of the market share in 2015, followed by Texas at 9.2 per cent and Florida at 7.6 per cent.
