Mathilde Carlier
Research Expert covering transportation and logistics
Car brands in the United States - statistics & facts
In late 2023, the United Auto Workers’ strike hampered vehicle production across the United States, particularly affecting the profits of the Big Three manufacturers, comprised of General Motors Company, Stellantis, and Ford Motor Company. However, while the strike action impacted automakers during selected months, the U.S. automotive industry still had a successful 2023. Some 15.5 million light vehicles, including passenger cars and light trucks, were sold in the country that year, up nearly 13 percent compared to 2022. Competition in this sizeable market is steep. According to a Statista survey conducted between April 2023 and March 2024, around half of U.S. consumers intended to purchase a car in the next 12 months. This included approximately a quarter of all U.S. consumers who exclusively intended to buy a new vehicle. Half of U.S. consumers also reported being likely or very likely to change the make of their primarily used car on the next possible occasion. Due to this, brands face pressures to remain competitive and attractive to both current and potential consumers.
Worth over 71.9 billion U.S. dollars as of mid-2024, Tesla ranked first as the most valuable brand within the automotive sector worldwide, surpassing Toyota and Ford, the U.S. market leader. Ford, worth around 9.3 billion U.S. dollars as of June 2024, held around 12.25 percent of the U.S. light vehicle market shares in 2023. However, while Ford was the best-selling make in the country, its parent company (Ford Motor Company) ranked third among the leading light vehicle manufacturers. General Motors topped the automaker ranking due to the success of its Chevrolet and GMC brands, which ranked third and tenth in the best-selling marque list.
However, while domestic brands benefited from high sales volumes, Asian automakers also maintained their hold on the U.S. market. Toyota was the second best-selling make in 2023, and fellow Asian marques Honda and Nissan also ranked in the top five. This contrasted with European brands, which did not record the same achievements.
Consumer satisfaction is central to the success of these brands in the United States. In 2023, Toyota and Lexus, both subsidiaries of the Toyota Motor Corporation, topped the consumer satisfaction ranking along with Tesla. These two Asian marques have been consistently maintaining satisfaction scores above average and were also perceived as the most reliable car brands for safety in 2023. Various factors impact these consumer rankings, much like they influence car buyers’ choice of marque for their future car. As of an October 2023 survey, price and product quality were the most important factors for U.S. consumers when choosing the make of their next vehicle.
As car brands compete to win the hearts and wallets of consumers in the sizeable U.S. light vehicle market, domestic and Asian makes have earned popularity among buyers. However, if the average selling price for new vehicles keeps following the upward trend recorded since 2016, this could deeply impact U.S. consumers’ final choice for their next vehicle make.
Domestic and Asian brands in the lead
Worth over 71.9 billion U.S. dollars as of mid-2024, Tesla ranked first as the most valuable brand within the automotive sector worldwide, surpassing Toyota and Ford, the U.S. market leader. Ford, worth around 9.3 billion U.S. dollars as of June 2024, held around 12.25 percent of the U.S. light vehicle market shares in 2023. However, while Ford was the best-selling make in the country, its parent company (Ford Motor Company) ranked third among the leading light vehicle manufacturers. General Motors topped the automaker ranking due to the success of its Chevrolet and GMC brands, which ranked third and tenth in the best-selling marque list.
However, while domestic brands benefited from high sales volumes, Asian automakers also maintained their hold on the U.S. market. Toyota was the second best-selling make in 2023, and fellow Asian marques Honda and Nissan also ranked in the top five. This contrasted with European brands, which did not record the same achievements.
Consumer satisfaction is the key to the market
Consumer satisfaction is central to the success of these brands in the United States. In 2023, Toyota and Lexus, both subsidiaries of the Toyota Motor Corporation, topped the consumer satisfaction ranking along with Tesla. These two Asian marques have been consistently maintaining satisfaction scores above average and were also perceived as the most reliable car brands for safety in 2023. Various factors impact these consumer rankings, much like they influence car buyers’ choice of marque for their future car. As of an October 2023 survey, price and product quality were the most important factors for U.S. consumers when choosing the make of their next vehicle.
As car brands compete to win the hearts and wallets of consumers in the sizeable U.S. light vehicle market, domestic and Asian makes have earned popularity among buyers. However, if the average selling price for new vehicles keeps following the upward trend recorded since 2016, this could deeply impact U.S. consumers’ final choice for their next vehicle make.
Mathilde Carlier
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Jun 19, 2024
Mathilde Carlier
Research Expert covering transportation and logistics
