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Automotive
Forecasting & Planning
Sales Performance & Marketing
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Automotive
Associate Director, Industry Analysis and Loyalty Solutions, S&P Global Mobility
The launches of the re-designed 2015 Chevrolet Colorado and GMC Canyon last October* and their initial performances in the US market are more interesting than the typical new vehicle launch, for several reasons:
From several perspectives, the new GM products have done well. As mentioned, last August mid-size pickups captured just 1.4% of the US market, but by October this measure had risen to 1.8%, and this past January, these pickups captured 2.1% of the market, a 50% increase in share of industry from last summer (see the chart below). It is rare to see such a change - either way -- in segment share of industry in such a short period of time.
Secondly, while the segment has grown with the launch of the GM products, GM has also succeeded at capturing share from its two primary competitors, the Tacoma and Frontier. As the chart below shows, both Asian models have experienced significant declines in segment shares concurrent with the ascension of the Colorado and Canyon. Last August the Tacoma commanded an extraordinary 65.2% of the segment, but by this January that measure had dropped almost 20 points to 46.2% of segment. Frontier's share has also retreated, but not as dramatically.
While the new GM trucks have succeeded in expanding the segment and gaining share at the expense of their Asian rivals, IHS Automotive conquest data indicate that the vast majority of vehicles coming in on trade for the Colorado and Canyon are GM products. In fact, nine of the ten models most frequently traded for both the Colorado and Canyon are GM products, as shown on the lists below. The lone exception in both cases is the Tacoma.
*2015 Colorado and Canyon new registrations first appeared in September 2014, but the volumes in that month were very small, which is why October is considered the launch month
Tom Libby is manager, loyalty practice and industry analysis, IHS Automotive
Posted April 27, 2015