Home Business NewsBusinessAutomotive Luxury cars market share surges to 44.3%

Luxury cars market share surges to 44.3%

by LLB Finance Reporter
16th Nov 20 10:29 am

During the first nine months of 2020, luxury cars outperformed mainstream models in the US market. The market share of luxury models rose to 44.3% in Q1 to Q3 2020, from 40% in 2019.

According to the research data analyzed and published by Stock Apps Mercedes Benz was the top luxury brand with a total of 196,838 unit sales between Q1 and Q3 2020. However, in Q3 2020, Lexus was the top-selling brand globally with 75,285 unit sales.

Lexus Sales Rose by 31% in September 2020

Lexus toppled Mercedes Benz and BMW for the first time in a decade, as the former sold 69,631 units and the latter, 69,570 units. Typically, the two brands compete for the annual sales title.

According to Car Buzz, Mercedes took the crown in 2020 with a 4,000-unit lead. However, Mercedes and BMW inventories weakened during the pandemic. Lexus, on the other hand, had sufficient inventory and performed remarkably well in September, as sales soared by 31%.

Lexus RX was the best-selling Lexus model in Q3 2020 with 29,438 unit sales. According to Statista, the global luxury market is projected to drop by 16.7% in 2020, to $26.29 trillion. Most of the revenue will come from the US, an estimated $8.61 trillion.

Based on a report by Cox Automobile, US automobile sales overall declined 10% year-over-year (YoY) in Q3 2020. However, this was better than Q2 2020 when there was a 34.1% drop. Thanks in part to the Labor Day weekend and two extra sales days, September saw a slight gain of 6.1%.

A recent study by Just Auto stated that there were 3.9 million light vehicle unit sales in Q3, up by 32% quarter-over-quarter (QoQ). It was, however, an 8.9% drop YoY.

The utility brand is the dominant segment with crossovers and SUVs taking a 50.6% market share. Toyota was the top utility and passenger car brand both in Q3 with 558,449 unit sales.

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