A recent automotive market outlook report produced findings that consumers are shifting interest away from trucks and toward sedans. In the past few years, more RV manufacturers have crafted lighter RVs that do not require pickup trucks as tow vehicles. The trend toward lighter RVs may increase if consumers’ truck interest continues to wane.
The 2024 Market Outlook Report, created by Dave Cantin Group and Kaiser Associates, asked consumers which automotive body style they would consider for their next purchase.
In 2023, 9% of consumers preferred trucks, falling to 7% in 2024. Sedan preferences rose from 26% in 2023 to 29% in 2024.
SUV preferences fell slightly from 44% in 2023 to 43% in 2024.
The report projected that consumers’ sedan preferences could be driven by cost savings.
The report found deeper findings within the consumer demographics.
Consumers between the ages of 35 and 54 declared a 4% drop in truck preference in 2024 compared with 2023. Sedan preferences in the age group increased by 4%.
Individuals over 75 years old increased their sedan preferences from 33% in 2023 and 43% choosing one in 2024. The demographic’s truck preference dropped from 3% to 4% year-over-year.
Consumers between the ages of 55 and 74 decreased truck interest by 1% and increased sedan interest by 4% year-over-year. SUV interest in the age range dropped dramatically from 46% in 2023 to 22% in 2024.
Consumers between the ages of 25 and 34 maintained an 8% truck preference rate year-over-year. The demographic’s interest in sedans dropped from 27% to 25% year-over-year.
Individuals between the ages of 18 and 24 increased their truck interest by 4% year-over-year. The group’s sedan interest remained unchanged year-over-year at 31%. SUV interest rose from 34% to 41%.
The study also factored income into the equation. For consumers with incomes up to $100,000, sedan preferences gained while SUV preferences declined. Consumers with incomes over $150,000 declared almost no interest in buying trucks in 2024.
RV manufacturers will aim to meet consumers’ needs while monitoring their tow vehicle preferences.
