The Colorado Automobile Dealers Association recently released its First Quarter 2021 “Colorado Auto Outlook” with data showing the new vehicle market has seen a bump during the first three months of this year versus the same period in 2020.
LIGHT TRUCK MARKET EXCEEDS 86%
Light truck market share (including SUV, pickup and van sales) was 86.2 percent in the period, with 55,213 registrations versus 51,108, for an 8 percent increase compared to the same period the year prior, according to a CADA-issued news release.
ELECTRIC AND HYBRID MARKET UP
Total Alternative Powertrain sales increased 42 percent over first quarter 2020. Hybrid vehicles sold increased 44 percent, electric vehicles sales were up 55.5 percent and plug-in hybrid vehicle sales were up 125.1 percent over first quarter 2020, the release said.
7.7% INCREASE FOR NEW VEHICLE MARKET PREDICTED FOR 2021
According to the CADA news release, assumptions for a nearly 8 percent increase in new vehicle sales this year "are based on the vaccine rollout throughout the year; the abatement of COVID and a full economic re-opening, which would add steam to the recovery and lead to higher vehicle sales. However, certain bumps in the road, including a microchip shortage and other supply-related bottlenecks in the manufacturing process, could slow this recovery pace."
Other Highlights First Quarter 2021 vs. same period 2020
- Market share for the top five selling brands include Toyota leading with a 14.7 percent market share, followed by Ford (10.9 percent), Subaru (10.4 percent), Chevrolet (7.6 percent) and Jeep (6 percent).
- Nine light vehicle brands that sell more than 100 vehicles monthly showed significant growth in registrations. They include Volvo (49.6 percent), Porsche (37.8 percent), Tesla (37.6 percent), Cadillac (24.2 percent), GMC (23.4 percent), Kia (23.4 percent), Land Rover (20.7 percent), Mercedes-Benz (11.5 percent) and BMW (10.2 percent).
- Market share for the top five selling models include: RAM pickup (4.7 percent), Ford F-Series (4.6 percent), Toyota 4Runner (3.3 percent), Toyota RAV4 (3.2 percent) and Toyota Tacoma (2.9 percent),
- Market share for Japanese brand registrations were 41.1 percent, Domestic brand registrations were 40 percent, European brands were 11.5 percent and Korean brands were 7.4 percent.
- In overall market share segments, non-luxury SUVs led with 49 percent, followed by pickups and vans (25 percent), luxury SUVS (12 percent), small cars (7 percent), non-luxury mid-size and large cars (4 percent) and luxury and sports cars (3 percent).
Editor’s note: Registration numbers versus sales numbers run about two months behind, compared to actual sales. Year-to-date figures typically reflect market results. Monthly registration figures can fluctuate, resulting in over or under estimation of actual results, due to processing delays by governmental agencies.