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 1 out of every 5 Teslas is registered to an Asian American
Luxury market outpaced industry growth across all groups, but again was led by Asian growth up by 35.3% YoY.
Tesla leads as the top luxury brand for Asian consumers, followed closely by BMW
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
Asian car consumers are younger than the industry, with 46% being 44 years of age or younger
Source: S&P Global Mobility