Toyota, Honda and Nissan dominate new vehicle preferences among Hispanics in the U.S., according to Polk. The three companies account for 46.4 percent of the Hispanic market based on an analysis of new vehicle registrations for the first nine months of 2010. Toyota leads the market by far with more than 20 percent share of the Hispanic market, and 46 percent greater volume in registrations than its next closest competitor.
Only three domestic automakers are in the top 10, according to Polk. Chevrolet, Ford and Dodge represent a combined 21.2 percent of the Hispanic market. European brands have mixed performance with Hispanics, led by Volkswagen, with 2.8 percent of the Hispanic market.
Asian brands have grown in popularity among the Hispanic market over the past 10 years and many are growing their sales to Hispanics faster than sales to the overall population. This is a significant development in the market. Manufacturers have been engaging in increasingly important marketing programs geared specifically toward this audience, according to Polk.
Hispanic purchases now account for 8.7 percent of the total U.S. vehicle market, up from 8.5 percent just a year ago.