US Auto Market Insights - July 2021

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African Americans: Steady Growth

Multicultural buyers have demonstrated resilience during the COVID 19 pandemic. After a sharp decline in 2020, Automotive Industry volume is expected to recover to 12.1M units annually by 2027, up 2% from 2020 but down 7.5% from 2019 (Fig. 1).

The overall ethnic share of volume is expected to increase from 28.9% to 35.6% with Ethnic buyers making up 4.3M units annually by 2027.

The African American consumer volume will rise to 1.28M units with share of market expected to rise from 8.3% to 10.6% by 2027. This increase is in line with census data which anticipates the African American population will grow to 13.8% by 2030, up +0.5 ppt in share of the national population from 13.3% in 2016.

The July 2021 Automotive Advisory Insights from S&P Global focuses on how the multicultural buyers continues to drive growth in the automotive volume during the COVID-19 pandemic. Additional coverage includes CPO Opportunity with targeted pricing and financing strategies and top 5 models among AA buyers.

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