Ford Narrowly Breaks Toyota’s Top Market Share Streak
Ford and Toyota are two of the most recognized car brands in the United States, although some may not realize that there was one who had a slight edge over the other. Both of these companies provide drivers with reliable vehicles, one of the key differences between the two is that Toyota is a Japanese manufacturer while Ford is an American brand.
For the past few years, Toyota held the top spot when it came to market share, but now, Ford has risen to the top, narrowly breaking Toyota’s top market share streak.
A new study found that Ford has the largest market share in the auto industry
According to Ford Authority, the American car maker reported a 10% increase in sales for Q1 2023, as inventory has improved. Ford’s commercial divisions, Ford Blue ICE and Ford Pro introduced newer models, which greatly contributed to the company’s impressive first-quarter sales. According to a new study by Experian, Ford ranked at the top for having the most leased models.
In Q1 2023, Ford rose slightly above Toyota to claim the top market share with 12.5% of the total U.S. market. For the first time in three years, the company is ahead of its competitor, who only claimed 11.8% of the overall market. Other companies that followed close behind were Chevrolet, with 11.1% and Honda with 7% of the total U.S. market share.
Another contributing factor to Ford’s success in the first quarter is attributed to consumer interest in certain models including the Ford Maverick and the Ford Explorer which, among others, are on Kelley Blue Book’s list of the most considered vehicles.
Toyota held the top spot for the past couple of years
This is certainly an accomplishment for Ford, considering how Toyota has claimed the top spot for 2019, 2020, 2021, and 2022. So, why was Toyota so successful for the past three years? The automaker can attribute a great deal of their success not only to high-quality design and unyielding innovation, but also to the fact that their vehicles are known for reliability and dependability.
There is still plenty of time for Toyota to bounce back
Even though the company was slightly edged out of the top spot by Ford in the first quarter of the year, the automaker shouldn’t start worrying just yet.
There is plenty of time for them to reclaim the spot for top market share. Yahoo! Finance reports that the automaker is predicting strong numbers for the rest of the year, so it is possible for them to bounce back.
Toyota, like other automakers, has been experiencing supply chain issues, but they are not expecting that to hinder their overall sales for the year. In the first quarter of the year they had 469,558 total vehicle sales, with roughly 118,800 being hybrid or electric. They seem to realize that they can still come back strong, despite their first quarter decline in overall sales, and finish 2023 stronger than ever.