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Recovery Gains Momentum; 2Q ‘23 Registrations Up 14.7% vs. 2Q ‘22

Friday, July 21, 2023 9:00 AM | Anonymous member (Administrator)

Read all about it and much, much more in the CATA's 2023 Q2 Auto Outlook.

Below is a list of 10 key trends and developments in the Chicago Area new vehicle market:

  1. Area new retail light vehicle registrations increased 6.7% in the first half of this year versus year-earlier levels. The U.S. market was up by 3.9%.
  2. The pace of improvement should pick up steam in the second half of the year. The area market is predicted to increase 12% from July through December of 2023 versus weak results in the second half of 2022 when supply chain interruptions significantly impacted sales.
  3. As shown on the graph below, registrations for all of this year are projected to exceed 300,000 units and improve 8.7% from 2022.
  4. Light truck market share decreased slightly from 80.5% during the first six months of 2022 to 80.0% this year.
  5. Registrations for Japanese brands were up 10.8% so far this year and market share reached 37.2%
  6. Battery electric vehicles accounted for 8.0% of the market in the first half of this year, up from 4.8% last year. BEV share declined from the first to the second quarter of ‘23.
  7. Brands with the largest percentage increases in registrations during the first six months of this year (among top 30 brands): Buick, Tesla, Cadillac, Audi, Infiniti, Acura, Land Rover, Mazda, Chevrolet, and Honda.
  8. Three biggest segments in the area are Compact SUV, 3 Row Mid Size SUV, and Subcompact SUV.
  9. Area market share leaders in the first half of 2023 were Honda, Toyota, Chevrolet, Ford, and Hyundai.
  10. Top ten selling vehicles in area market: Tesla Model Y, Honda CR-V, Toyota RAV4, Hyundai Tucson, Ford F-Series, Chevrolet Equinox, Nissan Rogue, Chevrolet Silverado, Mazda CX-5, and Toyota Highlander.

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