Morpace Reports: More Compact and Mid-Size Utility Vehicles Expected in Consumer Driveways
FARMINGTON HILLS, Mich., June 10 /PRNewswire/ — Consumers asked to predict how their household fleets are changing suggest faster growth for compact and mid-size cross over (CUV) and sport utility vehicles (SUV) compared to other automotive segments.
Results from the May, 2010, Morpace Omnibus Study show slightly more than 20 percent of consumers confirmed that in 2005, at least one of the vehicles in their driveway was either a compact or mid-size crossover or sport utility, said Bill Pendry, Vice President of Complexity Management for Morpace. Today, 27 percent of consumers report owning one of these vehicles. In addition 31 percent of consumers predict they will own one in 2013.
Compact CUV/SUV models include the Ford Escape, Honda CR-V, Jeep Liberty, and Toyota RAV4. Mid-size CUV/SUV models include the Ford Explorer, Jeep Grand Cherokee, and Toyota Highlander.
“Our study suggests the only other segment expected to gain share by 2013 is the luxury CUV/SUV segment, though its share will remain small, with 3 percent of consumers owning such a vehicle,” Pendry said. This segment includes vehicles such as the Cadillac Escalade, Lexus RX350, and Mercedes GL class.
“The Morpace study results are consistent with current sales trends,” Pendry said. “Compared to other segments, compact and mid-size CUV/SUV models are showing greater percentage gains in sales in 2010 vs. 2009.”
It is important to understand that reported percentage gains are shares of household fleets, Pendry added. He expects that all segments will show sales growth over the next few years, even as their shares of household fleets adjust.
“Car manufacturers would do well to follow these trends,” Pendry said. “Many new models of sub-compact, compact, and mid-size cars have been and will be introduced. Meanwhile consumers will have a growing interest in the style and utility value found in compact and mid-size crossover and sport utility vehicles.”
About Morpace Inc.
Morpace is a full-service survey research and consulting organization specializing in automotive, financial services, health care, retail and technology. Morpace provides global expertise and proprietary solutions in four core areas: brand and communications; consumer choice; market and product development; and satisfaction and loyalty.
Morpace, an ISO 9001:2008 certified organization, is headquartered in Farmington Hills, Mich.
SOURCE Morpace Inc.