S&P Global Mobility Honors Automotive Brands with 2024 Loyalty Awards
S&P Global Mobility Celebrates 2024 Automotive Loyalty Award Winners
S&P Global Mobility has unveiled the winners of its esteemed Automotive Loyalty Awards for 2024, recognizing exceptional achievements in customer loyalty within the automotive sector. General Motors has clinched the coveted 'Overall Loyalty to Manufacturer' award, while Tesla has been awarded the 'Overall Loyalty to Make.'
Understanding Automotive Loyalty Trends
The analysis reveals consumer buying activities from January to December 2024, reflecting a slight improvement in overall loyalty rates for the third consecutive year. Brand loyalty reached 51.6% this year, marking an increase of 0.6 percentage points compared to the previous year's figures of 51.0%. This uptick in loyalty coincides with a 4% growth in customer return to market volume, suggesting that not only are more consumers returning to the market for new vehicles, but they are also sticking with trusted brands.
Industry Insights from S&P Global Mobility
"Although brand loyalty is still not back to pre-pandemic levels, we are witnessing a consistent trend of customers returning to familiar brands," stated Joe LaFeir, President of Automotive Insights at S&P Global Mobility. He emphasized that understanding coupon and trade impacts on vehicle demand is crucial in this uncertain market landscape as it makes retention a key indicator of brand health.
The Methodology Behind the Awards
The S&P Global Mobility Loyalty Awards are derived from a detailed analysis of over 13.1 million new retail vehicle registrations in the U.S. throughout 2024. These awards underscore the significance of brand loyalty, determined by whether households that own a new vehicle return to purchase again from the same manufacturer, model, or make. The acquired vehicle could serve as either a replacement or an addition to their fleet.
Year Over Year Performance
This year's awards saw General Motors achieving its tenth consecutive win and the 21st over the last 29 years in the 'Overall Loyalty to Manufacturer' category. Tesla's achievements in the 'Overall Loyalty to Make,' 'Ethnic Market Loyalty to Make,' and 'Highest Conquest Percentage' showcase its strong presence in the market for the third consecutive year.
Repeat Winners and Newcomers
Subaru reclaimed the 'Overall Loyalty to Dealer' award after holding it previously in 2022. New entrants Lincoln Corsair and Land Rover have been honored with awards for 'Overall Loyalty to Model' and 'Most Improved Make Loyalty,' respectively. This reflects a growing recognition of the importance of customer retention strategies across the automotive industry.
Reflections on Customer Loyalty Efforts
Observing the award winners, Vince Palomarez, associate director of loyalty analysis at S&P Global Mobility, noted that the diverse efforts across the industry illustrate a heightened awareness of customer retention. Brands are becoming more attuned to the dynamics of loyalty, whether through the sustained accomplishments of established players like General Motors and Tesla or the emerging commitment to retention illustrated by companies like Land Rover.
Full List of 2024 Award Winners
The complete roster of 2024 Automotive Loyalty Award winners includes:
- Overall Loyalty to Manufacturer: General Motors
- Overall Loyalty to Make: Tesla
- Overall Loyalty to Model: Lincoln Corsair
- Ethnic Market Loyalty to Make: Tesla
- Most Improved Make Loyalty: Land Rover
- Overall Loyalty to Dealer: Subaru
- Highest Conquest Percentage: Tesla
- Segment Model Loyalty Awards:
- Small Utility: Chevrolet Equinox
- Mid-Size Utility: Jeep Grand Cherokee
- Full-Size Utility: Ford Expedition
- Light-Duty Pickup: Ford F-Series
- Heavy-Duty Pickup: Ford F-Series (250/350)
- Van: Honda Odyssey
- Sports Car: Porsche 911
- Passenger Car: Nissan Sentra
- Luxury Small Utility: Lincoln Corsair
- Luxury Mid-Size Utility: Lincoln Nautilus
- Luxury Full-Size Utility: Land Rover Range Rover
- Luxury Car: Lexus ES
The Importance of Loyalty in the Automotive Industry
S&P Global Mobility has been analyzing automotive loyalty for an impressive 29 years. Automakers and their marketing counterparts heavily rely on these insights to steer their strategies related to customer purchasing behavior, emphasizing the necessity of both conquest and retention in a competitive market. For more detailed insights and analyses, you can explore additional resources provided by S&P Global Mobility.
About S&P Global Mobility
S&P Global Mobility specializes in providing insightful, data-driven outlooks for the automotive industry, helping clients make informed decisions and adapt to evolving market conditions. Their analysis aids businesses in optimizing their strategies, reaching the appropriate audiences, and innovating within the market.
S&P Global Mobility operates under S&P Global (NYSE: SPGI), the world's leading provider of analytics and solutions in the financial and automotive sectors. Their comprehensive insights empower organizations to navigate market challenges effectively.
Frequently Asked Questions
What are the S&P Global Mobility Automotive Loyalty Awards?
The awards recognize automotive brands that excel in customer loyalty, assessing their performance based on consumer vehicle purchasing patterns.
Who won the Overall Loyalty to Manufacturer award in 2024?
General Motors received the Overall Loyalty to Manufacturer award for the 10th consecutive year.
How is brand loyalty measured for these awards?
Brand loyalty is measured based on the percentage of customers returning to purchase another vehicle of the same make, model, or manufacturer.
What significance do these awards hold in the automotive industry?
The awards highlight the performance of automotive brands in retaining customers, indicating their strength in the market and overall brand health.
How long has S&P Global Mobility been tracking loyalty?
S&P Global Mobility has been tracking automotive loyalty for 29 years, providing valuable insights that aid automakers in strategic decision-making.
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