Asian Americans and the Auto Industry
Asian Americans are the fastest growing consumer segment – they represent 60% of all new car sales. The average MSRP for Asian new registrations in the first nine months of 2021 was $37,934, compared to $33,710 for African Americans, and $33,677 for Hispanics.
TOP 10 BRANDS
LUXURY MARKET
Luxury market outpaced industry growth across all groups, but again was led by Asian growth up by 35.3% YoY.
LUXURY BRANDS
Tesla leads as the top luxury brand for Asian consumers, followed closely by BMW
ELECTRIC VEHICLES
San Francisco leads in Asian Share of EV (pure electric) volume at over 40% (4 out of every 10 people). Tesla leads in Asian share brand of EV at over 22%.
TOP ELECTRIC VEHICLES
Model Y and Model 3 lead as the Top 2 models with Asian consumers
BUYING AGE
Asian car consumers are younger than the industry, with 46% being 44 years of age or younger
Source: S&P Global Mobility