The average age of vehicles on the road is over 12 years (source: IHS Markit). Higher new car (and used car too) prices are pushing people to keep cars longer than before. New car sales made up 6.1% of the fleet last year which is a small amount and certainly indicates that a much longer turnover rate than 3-5 years.
The largest car companies by marketcap are now Tesla ($911B), Toyota ($241B) and Volkswagen ($142B). GM ($84B), F ($65B), HMC ($52B), and Chrysler ($29B) don't come close. But car companies are global today so that represents global sales. Still, Toyota is killing it. The top four vehicles sold in the United States so far in 2021 are:
1) Ford F-Series, 534,831
2) Ram Pickup 434,772
3) Chevrolet Silverado 407,266
4) Toyota RAV4 313,447
5) Honda CR-V 290,140
6) Toyota Camry 256,769
7) Nissan Rogue 234,647
8) Toyota Corolla 212,727
9) Honda Civid 216,575
10) Toyota Highlander 207,564
11) Toyota Tacoma 191,186
12) GMC Sierra 191,186
13) Jeep Grand Cherokee 189,727
14) Jeep Wrangler 164,709
15) Ford Explorer 160,174
16) Honda Accord 157,988
17) Chevrolet Equinox 151,110
18) Mazda CX-5 137,343
19) Tesla Model Y 132,400
20) Subaru Forester 132,254
21) Subaru Outback 122,978
22) Hyundai Tucson 116,047
23) Honda Pilot 114,667
24) Ford Escape 111,791
25) Nissan Sentra 110,821
The list above indicates that Toyota sells more vehicles, with Fiat Chrysler in second place. Tesla Model Y still has very small marketshare.
One other factor affecting new car purchases is rising prices and this may be why Toyota does so well in the United States - Total Cost of Ownership.
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