Average transaction prices are high by historical standards and continued to be up (by 3.6%) YoY in March. However, prices have declined MoM in each month of 2023, and this trend is expected to have continued in April, with incentives also beginning to creep up. In March, incentives were up by 56.2% YoY, from an extremely low base.

General Motors was the bestselling automaker for the ninth consecutive month. Toyota Group was second at 42,000 units behind GM in April. Ford brand was once again the market leader, with a 12,000-unit lead over Toyota, which put Chevrolet into third place, flip-flop of positions compared to March. The Ford F- 150 had a good month as the bestselling Light Vehicle in the market, 12,000 units ahead of the Chevrolet Silverado. The Silverado only just held off a challenge from the Honda CR-V to remain in second place.

Compact Non-Premium SUV was once again the bestselling segment in April, with a 19.2% market share, up by 1.2 percentage points, YoY, but matching March’s result. Midsize Non- Premium SUV was the second-largest segment at 16.3%, a YoY decline of 1.5 pp. Large Pickups, the third largest segment, increased at tad from a weak March, accounting for 13.9% of the market in April, unchanged YoY, but up by almost 0.6 pp compared with March. For the second consecutive month, Cars outsold Pickups, albeit only by a mere ~5000 units.

*LMC Automotive – a GlobalData Company

LMC Automotive is a leading independent and exclusively automotive focused provider of global forecasting and market intelligence in the areas of vehicle sales, production, powertrains and electrification. The company’s international clients include auto and truck makers, component manufacturers and suppliers, financial and logistics firms, as well as government institutions. LMC Automotive is part of the LMC group, as is J.D. Power. LMC is also the world’s leading economic and business consultancy for the agribusiness sector.

The Global Light Vehicle Sales Forecast published in association with Jato Dynamics Ltd. builds on macro‐economic forecasts generated by LMC partner, the renowned Oxford Economics, which, combined with an examination of demographics, fiscal and regulatory influences by LMC’s own specialist automotive research team, presents twelve‐year forecasts at a global, regional and country levels for Light Vehicle demand in 137 countries. For more information about LMC Automotive, visit www.lmc-auto.com. or contact LMC directly at forecasting@lmc-auto.com.