Covering Second Quarter 2023 Page 7 Passenger Cars 45.0% Small CUVs 22.4% Mid Size/Large SUVs & Small truck-based SUVs 18.0% Pickups and Vans 14.6% Passenger Cars 30.8% Small CUVs 33.5% Mid Size/Large SUVs & Small truck-based SUVs 21.4% Pickups and Vans 14.3% MARKET SEGMENTS “True Truck” Share of State Retail Market is Below 40% BEST SELLERS IN MID SIZE SUV SEGMENT Toyota Highlander and Ford Explorer Are Top Sellers in Mid Size SUV Segment In the first half of 2023, light trucks accounted for 69.1 percent of the state market, up sharply during the past several years. But due to the sometimes fuzzy standards the industry has used to classify vehicles, these frequently cited light truck market share figures can send a misleading signal regarding an apparent shift to bigger vehicles. For example, many small SUVs (i.e., Tesla Model Y and Honda CR-V) are essentially passenger cars with a hatchback, a higher center of gravity, and slightly more ground clearance. But these vehicles are traditionally classified as light trucks and are included in the same broad segment category as full size pickups and large SUVs. In many ways, small CUVs are more similar to compact cars than to 6,000 pound trucks. The analysis below presents an alternative picture of truck market share in California by re-mapping these traditional breakdowns. The two orange shaded regions comprise what we are calling True Trucks - mid size and full size SUVs, truck-based small SUVs, pickups, and vans. The two blue circles consist of passenger cars and small crossover SUVs. By removing small CUVs from light trucks, true truck market share in the state during the first half of 2023 was well below half of the market - 35.7 percent. It’s increasing, up by 3.1 points over the past five years, but the combined total for passenger cars and small CUVs accounts for the dominant share of the market. Data sourced from Experian Automotive. Segment Shares in State New Retail Market - YTD ‘18 (June) Segment Shares in State New Retail Market - YTD ‘23 (June) True Truck share of the market was less than 40 percent in first half of ‘23. Share of California Non Luxury Mid Size SUV Segment - YTD ‘23 thru June TOP SELLING MID SIZE SUVS Toyota Highlander Ford Explorer Subaru Outback Honda Pilot Toyota 4Runner Data sourced from Experian Automotive. Toyota Highlander 12.9% Ford Explorer 9.5% Subaru Outback 8.4% Honda Pilot 6.3% Toyota 4Runner 4.9% Ford Mustang Mach-E 4.9% Kia Sorento 4.7% Chevrolet Traverse 4.7% Jeep Grand Cherokee 4.5% Kia Telluride 4.4% Others 35.1% 36 California New Car Dealer Quarterly
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