Wed. Sep 28th, 2022


Through the first five months of 2022, Hyundai Motor Group US
retail market share ranks third, up from sixth a year ago, based on
new vehicle registration data compiled by S&P Global Mobility.
With 12% of the retail market, Hyundai now trails Toyota and GM,
but outpaces Ford, Stellantis, and American Honda. Hyundai Motor
Group consists of the Hyundai, Kia, and Genesis brands.

Brand-level new registration data indicate all three Hyundai
Motor brands contributed to Hyundai’s share growth. As the table
below illustrates, since 2017 the retail U.S. market shares for
Kia, Hyundai, and Genesis have grown by 1.7, 2.1 and .3 percentage
points, respectively. While Genesis’s increase is small in absolute
terms, it has quadrupled from .1 five years ago.

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 Hyundai Motor’s growth in market share and rise in rank has
taken place without an offering in the traditional body-on-frame
pickup segments.

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.

This automotive insight is part of our monthly Top
10 Trends Industry Report
. The report findings are taken
from new and used registration and loyalty data. To download the
full report, please click below.

DOWNLOAD REPORT




Posted 28 July 2022 by Tom Libby, Associate Director, Loyalty Solutions and Industry Analysis, S&P Global Mobility


This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.



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