The Tesla Model Y and Toyota RAV4 trailed the Ford F-Series total registrations by just 0.1 percent in 2023, excluding fleet sales. This trend represents another sign that buyers are continuing the shift toward SUVs and crossovers. That along with several other insights come from a deeper look at S&P Global’s analysis of the U.S. auto market of 2023.
Read: Used EV Prices Plummet 32% As Tesla Price Cuts Impact Industry
The firm gathers registration data from all 50 states, compiles it, and then reports its findings. Registration data is key since some brands like Tesla don’t report their sales figures. The data contained in the study references light vehicles only, which includes the Ford F-250 and F-350 along with similarly large heavy-duty trucks from GM and Ram. S&P Global confirmed to Carscoops that larger trucks fall into its “medium/heavy” category.
That said, the Ford F-Series (150,250,350) only beat out the Tesla Model 3 and Toyota RAV4 in terms of total registrations (fleet sales excluded) by 0.1 percent. The truck lineup saw 380,685 registrations while the Model Y saw 375,140 and the RAV4 had 368,521. The Chevrolet Silverado (1500, 2500, 3500) came in fourth with 348,573 and the Honda CR-V rounded out the top five with 347,043 registrations in 2023.
TOP 10 Models Registered in the US in 2023 (Total)
TOP 10 Models Registered in the US in 2023 (Retail – Excludes Fleet)
Notably, the RAV4 and F-Series actually swapped spots when compared to 2022, but the evidence suggests that some truck buyers are moving toward SUVs. For 2022, the top five fleet-excluded spots had all three mainstream trucks included.
For 2023, Ford might barely hold the top spot but Chevrolet dropped from second to fourth and Ram fell from fourth to sixth. Meanwhile, the Model Y jumped up from seventh last year and the CR-V moved up from sixth place.
Fleet And EV Markets Are Consistent
There’s no question that when fleet sales get added to the mix, trucks are still a dominating force. Ford’s F-Series saw 676,989 registrations in total during 2023 which represents 4.5 percent of the entire market. The Chevrolet Silverado came in second with 540,294 registrations representing 3.6 percent of the market. The RAV4 snagged third with 430,573 registrations. Ram picked up fourth place and Tesla’s Model Y rounded out the top five.
For this study, the Model Y stands out as a luxury vehicle in a field of non-luxury options. That’s rare but shouldn’t come as too big of a surprise considering just how popular the Model Y is. It represented 33.5 percent of the total electric vehicle registrations in the U.S. during 2023. Remove fleet sales and that figure rockets up to 37.1 percent of the market.
Overall, the market appears to be moving toward SUVs and electrified vehicles slowly but surely. Half of overall sales are SUVs and the CR-V, Model Y, and RAV4 have a huge lead on the rest of the segment.
New US Retail Registrations by Fuel Type in 2023 (Retail – Excludes Fleet)
When it comes to fuel choices, unsurprisingly, gasoline vehicles dominated the new car (retail) market in the US, making up 78.3% of sales in 2023, totaling 9,333,627 units. Hybrids followed at 10.4%, with 1,243,119 units sold, while diesel vehicles made up 2.8%, or 337,131 registrations. Electric vehicles saw impressive growth, reaching 8.5% of the market share with 1,012,251 units sold. Altogether, registrations across all fuel types reached 11,926,128 units.