Hyundai Motor Rises to #3 in US Market

Hyundai Motor Team not too long ago has emerged as one particular of the
best-performing new vehicle suppliers in the US. New-car or truck
registration info from S&P Global Mobility by means of the initially
eight months of this year (see table below) reveal Hyundai Motor
now ranks as the No. 3 OEM in the US, based on retail company
market place share. The put together Hyundai, Kia, and Genesis models now
surpass perennial powerhouses Ford Motor Firm, Stellantis Corp.,
and American Honda Motor Co., Inc.

Hyundai Motor’s general performance has been pushed by (at least) three
strengths, such as the freshness and timeliness of its 3 U.S.
product portfolios, the robust brand loyalties of Kia and Hyundai
house owners, and substantial manufacturer loyalty throughout all three models.

Product Portfolios

As illustrated in the table underneath, just about every Hyundai-branded
in-market place product except the discontinued Accent has been either
introduced or re-created due to the fact mid-2019. Likewise, just about every Kia product
besides Rio and Forte has been launched or re-intended considering that early
2019. Genesis’s portfolio is equally fresh new, with just the G70
languishing in its existing variety considering that the end of 2018. (As cars,
Accent, Rio, Forte, and G70 contend in a a lot smaller sized – and
declining – aspect of the market when in comparison to crossovers.)

Just as essential as the freshness of Hyundai Motor’s product or service
choices, however, is the relevance of its merchandise. Each the
Hyundai and Kia brands provide entries in each individual one of the main CUV
segments, from a few-row midsize utility down to sub-compact
utility (neither Hyundai nor Kia participates in the whole sizing
utility phase, but this class accounts for just 2.3% of the
retail current market August 2022 CYTD). Lastly, the a few-row Palisade and
Telluride crossovers, released in the 2020 model yr, for the
very first time provide critical levels of competition in one of the largest
segments, and both of those solutions have presently obtained freshenings in
2022.

Genesis, launched in August 2016, nonetheless lags major luxury brands
in the breadth of its portfolio, and in the beginning was hampered by an
all-auto lineup, but it now provides three crossovers in the coronary heart of
the luxurious marketplace.

Finally, Hyundai Motor has demonstrated its competitiveness by
its fast entry into the US EV marketplace. With the Hyundai Ioniq 5
launch previous December and the Kia EV6 arrival two months afterwards, the
company now provides two competitive EVs, extra than several of
its much larger rivals. In addition, the Ioniq 5 and EV6 now rank
#6 and #7, respectively, among the all EVs (centered on August 2022 CYTD
retail registrations) if the four Teslas are eradicated, the Hyundai
Motor Team merchandise rank next and 3rd, trailing only the
Mustang Mach-E.

Brand name Loyalty

Hyundai Motor’s remarkable retail share partly will come from each
Hyundai’s and Kia’s capability to retain present owners. As shown
below, these two manufacturers at the moment rank No. 5 and No. 6 among the 19
mainstream models in manufacturer loyalty. Hyundai Motor is the only
producer to location two brand names in the best 10 on this metric.

The two makes have retained this kind of higher percentages of their proprietors
regardless of not featuring any complete-dimension pickups, midsize pickups, or,
right until a short while ago, any compact pickups (these three pickup segments
account for 17% of the retail business (August 2022 CYTD).

Genesis’ brand name loyalty has not been as substantial as that of
its stablemates, but component of that is owing to the brand’s newness to
industry. With 7-month brand loyalty of 35.3%, Genesis ranks No.
12 between the fifteen luxurious manufacturers for which we have sufficient
knowledge. Right until lately Genesis loyalty was curtailed by a absence of
crossovers, but the new additions of the GV60, GV70, and GV80
really should enhance Genesis owners’ chance of acquiring one more
one.

Company Loyalty

S&P World wide Mobility registration info reveal that all
three Hyundai Motor models have one particular metric doing work in their favor:
even when house owners defect from any of these brand names, they have a
powerful propensity to keep in the Team. As illustrated underneath,
the Hyundai and Kia brand names rank #3 and #5, respectively, amid all
19 mainstream brands based on their likelihood to continue being loyal to
the corporation – surpassed only by three GM makes. And, Genesis
ranks No. 4 in the luxurious area on this metric, trailing only
Tesla, Cadillac and Lincoln.

Whilst the 3 Hyundai Group makes have manufactured great
progress, it is noteworthy that the Team even now lacks that
“stand-out” class leader that will become a household title, a la
Camry, Accord, F Series. Yet, the Team has developed from a
second- or third-tier participant 10 a long time in the past into a top rated OEM based on
quite a few key metrics, a feat deserving a whole lot of praise in an
market with above 20 OEMs, 40 brands and 3 hundred versions.

—————————————————————————————–

This automotive insight is part of our regular Best
10 Developments Market Report.The Report conclusions are
taken from new and applied registration and loyalty facts.

The September report is now readily available, incorporating July 2022
CFI and LAT facts. To down load the report, make sure you click on underneath.

Obtain REPORT

&#13
&#13

&#13
&#13
Posted 14 October 2022 by Tom Libby, Associate Director, Loyalty Options and Field Evaluation, S&P World Mobility&#13
&#13

&#13

This short article was revealed by S&P World Mobility and not by S&P Global Ratings, which is a independently managed division of S&P International.