Korean Automobile Manufacturer Breaks Into US/Japanese Stronghold
Edmund Jenks | August 10, 2010 at 03:09 pmby
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According to the latest Kelley Blue Book www.kbb.com Market Intelligence Brand Watch™ study, Korean automaker Hyundai has made its first foray into the top five most-considered auto brands among new-car shoppers, ousting Japanese brand Nissan into sixth place.
Domestic auto manufacturer Ford continues its reign in the top spot as the most-considered among the 37 new-vehicle brands tracked in the Kelley Blue Book Market Intelligence study, followed by Toyota, Chevrolet, Honda and Hyundai, respectively.
The Hyundai Genesis claims larger luxury sedans like the Mercedes E-Class and BMW 5-Series as its competition-though it naturally lines up against such sedans as the Chrysler 300, Lexus GS, and Infiniti M as well. Image Credit: Hyundai America
Kbb.com Brand Watch Q2 2010 Study
Top Five Most-Considered Auto Brands Overall (Regardless of Segment)
According to the Q2 2010 Brand Watch Study, over the past quarter Hyundai consideration has surged nearly six percentage points in the non-luxury coupe/sedan/hatchback segment, now garnering 29 percent of the total consideration among shoppers of this segment and bested only by Honda (45 percent), Toyota (42 percent) and Ford (38 percent).
Ford continues to hold court as the most-considered automotive brand among new-car shoppers, further increasing its lead over the second most-considered brand, Toyota (Ford has 29 percent of overall brand consideration regardless of segment, whereas Toyota has 22 percent). In Q2 2010, Ford particularly excelled in the non-luxury SUV/CUV segment, increasing its lead by four percentage points over the previous quarter to capture nearly half (46 percent) of the consideration among new non-luxury SUV/CUV shoppers. In comparison, Honda and Toyota tie for second and third places, each only having 35 percent.
Meanwhile, Toyota continues to experience the fallout from its recall and reputation crisis earlier this year. Since one year ago (Q2 2009), overall Toyota consideration has fallen eight percentage points (from 30 percent to 22 percent), now holding steady to its number two spot when it formerly dominated the number one spot. In addition, Toyota’s luxury brand Lexus experienced an all-time low since 2007 in the luxury sedan/coupe/hatchback category at 30 percent in Q2 2010 (down from 41% in Q1 2007).
On a bright note for Toyota, the company’s lauded “Swagger Wagon” marketing campaign for the all-new redesigned 2011 Sienna is resonating well with consumers, as the brand surged more than six percentage points in the minivan category over the past quarter to now capture 53 percent of the category consideration for Q2 2010. In addition, new-car shoppers ranked the Toyota brand tops in the minivan category for exterior styling.
“The latest Kelley Blue Book Market Intelligence findings show how the deck is being reshuffled in the automotive marketplace, with certain brands now holding places in consumer perception that we may not have believed just one or two years ago,” said James Bell, executive market analyst for Kelley Blue Book’s kbb.com. “Ford continues its upward trajectory and Hyundai is truly on a roll. Both brands prove that when you make dynamic, exciting and affordable products that appeal to the new-car shopping masses, consumer perception begins to change and subsequently, sales will follow.”
For Q2 2010, new-car shoppers rank durability/reliability, driving comfort, fuel efficiency, driving performance and safety (respectively) as the top five important factors while shopping for their next new vehicle.
The Q2 2010 Kelley Blue Book Market Intelligence Brand Watch Study was fielded to more than 3,000 in-market new-car shoppers on Kelley Blue Book’s kbb.com from April 6 – June 17, 2010. Kelley Blue Book’s Brand Watch is an ongoing study tracking and trending consumer perceptions, detailing strengths and weaknesses of makes within each segment. Brand Watch primarily tracks brand consideration, segment consideration, important consideration factors for new-car shoppers, and how brands perform on those important factors. Kelley Blue Book Market Intelligence has been tracking Brand Watch since 2007.
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