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Customer LoginsDomestic OEMs are losing the growing Hispanic market
I watched the Cleveland Cavaliers vs. the Miami Heat last week until I just couldn't watch the game anymore. The Cavs were down by 30 points in the 3rd quarter and I was hoping they would at least make a game of it or do something to defend themselves on their home turf, but they looked hapless against the Heat, who were in top form.
So why talk about the Cavs and the Heat in a blog about the Hispanic automotive market? The domestic OEMs remind me of the Cavs. Domestics had an edge with Hispanics dating back over 10 years ago, but looking at the trend over the past 5 years, the Domestic OEMs look as hapless as the Cavs did against the Heat, in the midst of a losing battle.
Share of U.S. Hispanic Automotive Market
This is a particularly troublesome trend in consideration of the fact that Hispanics are a growing segment of the U.S. population, which is projected to grow to 20% of the population by 2030 according to the U.S. Census Bureau. Domestic car companies should be working to establish themselves with this demographic group that is growing in size and influence.
The stats for the home team are not very encouraging either. All of the domestic brands have low indexes with Hispanics, which means their share of the Hispanic market is less than their overall market share. Half of the domestic brands have declining sales to Hispanics CYTD. The bright spot is half of the domestic brands increased their sales to Hispanics vs. CYTD last year. This is important turf that the domestics will need to defend better. The GM brands are at least moving in the right direction as is Ford. As a Michigan native, I would at least like to see the home team get their game on!