The Car Market Has Changed Drastically in the Last Decade
The car market has undergone a significant transformation over the past decade, with most new vehicles now being classified as SUVs or trucks, rather than traditional cars. According to car-shopping site Edmunds, traditional cars, such as sedans, now only account for a record low of 19% of the overall new vehicle market, down from 47% a decade ago. On the other hand, SUVs have reached a record high of 58% of new vehicles for sale.
This shift is attributed to Americans’ increasing preference for more space and features, as well as the prioritization of profit-making vehicles during the Covid-19 pandemic. Manufacturers have indeed prioritized SUVs, resulting in over 70 new models being available on the market, according to Kelley Blue Book. The majority of American carmakers, including Ford and Chevrolet, have largely abandoned the sedan market, with only the Ford Mustang remaining.
CEO of car-shopping app CoPilot, Pat Ryan, attributes the popularity of SUVs to the “crossover” models, which offer more space than sedans but feel like a car rather than a large SUV built on a truck frame. “Cars have really been replaced by the crossover,” he said. “That’s really what’s happened.”
Despite the rise of SUVs, anecdotal evidence suggests that many Americans are buying larger trucks than they need, with only 28% of F-150 pickup truck owners frequently using their vehicles for hauling bulky or heavy items. “Americans are bigger people: They like bigger homes and they like bigger cars. It is part of the psychology of our country,” Ryan said.