Hyundai Market Share Rises to #3 in US for New Vehicle Retail
Hyundai's remarkable rise to third place in US market share reveals strategic product expansion.
May 2022 CYTD and 2021 CYTD Retail Corporate Market Share
Trended US Market Share for Three Hyundai Motor Corp. Brands
The expansion of the product portfolios for all three brands has played a central role in the corporation's share growth. Now the corporation has entries in all major car segments, and, more importantly, all the key utility segments. While the lower midsize utility segment is not covered, it could be argued that the Sorento should be in this segment.
None of the brands competes in the two full size utility segments, but together these two categories account for just 3.2% of new retail registrations (May 2022 CYTD). It is also noteworthy that the growth in Hyundai market share in the US has taken place without an offering in the traditional body-on-frame pickup segments.
Product Portfolios for Hyundai Motot corporation Brands
Recent additions to all three brands' portfolios have added substantial share to each brand. Hyundai launched the three-row Palisade and Venue utilities in 2019 (which have contributed 13% and 4%, respectively, to Hyundai Motor's May 2022 retail registration volume). These were followed by the launch of the Santa Cruz lifestyle pickup (5% of 2022 retail registrations) in 2021 and the Ioniq 5 EV at the start of this year(4% of 2022 registrations).
Kia launched the three-row Telluride in 2019 (15% of May 2022 CYTD Kia retail registrations), the Seltos in 2020 (7%), the Carnival midsize van in 2021 (3%), and the EV6 electric vehicle this year (4%).
Lastly, Genesis has greatly benefited from the addition of the GV70 and GV80 crossovers to its lineup in 2021. Those two models now account for almost two thirds of all Genesis retail registrations, and, importantly, provide Genesis car households with a crossover alternative so the household can remain brand and manufacturer loyal.
Hyundai Motor also has demonstrated its ability to compete in the growing and all-important EV space. Through the first five months of this year, the Ioniq 5, EV6, and Niro rank fifth, sixth, and ninth, respectively, among all EVs on the U.S. market, based on new retail registrations. Together these three models now account for 11% of all retail EV registrations. Hyundai Motor is the only corporation other than Tesla to place two or more EVs in the top ten, and, if Tesla is removed, the Ioniq 5 and EV6 rank second and third, trailing only the Mustang Mach-E.
Ten Most Popular Electric Vehicles, May 2022 CYTD
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