Diving into S&P Global Mobility data over a rolling 12-month period reveals growth in the luxury automotive landscape among Hispanic consumers in the United States. Hispanic buyers continue to play an influential role in shaping the luxury market, accounting for a significant share of the overall growth. Hispanics are responsible for 26% of total vehicle sales in the U.S. and have driven 68% of the automotive industry's growth. Brands that successfully connect with the Hispanic market are more likely to thrive in the evolving automotive landscape.
Parent brands such as Toyota, Honda, and Nissan have long been dominant players for Hispanic consumers in the overall automotive market. As their luxury counterparts, Lexus, Acura, and Infiniti have also been strong contenders in the luxury segment. These brands have successfully leveraged the trust and loyalty that their mainstream counterparts have built over time. Lexus and Acura's presence in the 2024 top 10 is a natural extension of this relationship, offering premium experiences to Hispanic buyers who have already connected with their parent brands. However, despite Infiniti's strong position in 2019, by 2024 it has fallen off the top 10 list.
Toyota, Honda, Chevrolet, Nissan, and Ford have long been dominant players for Hispanic consumers in the overall automotive market. Their luxury counterparts, Lexus, Acura, Cadillac, and Infiniti, have also made significant strides in the luxury segment, successfully leveraging the trust and loyalty that their mainstream counterparts have built over time. The inclusion of Lincoln in the Top 10 Most Purchased Luxury Brands for the first time is a testament to the success of these brands in connecting with the Hispanic market.
“We are thrilled to be recognized as a top luxury brand among Hispanic clients, reflecting our sales growth and increasing enthusiasm within this community. The support we've received underscores Lincoln's commitment to offering world-class vehicles that meet the diverse needs of our clients. As we look ahead, we are excited about our upcoming launches for the new Aviator and all-new Navigator, which will continue to embody sanctuary through the innovation and luxury that define Lincoln. We look forward to building on this momentum and our connection with the Hispanic market in the years ahead.”Megan McKenzie, Head of U.S. Marketing & Marketing Communications, Lincoln
Lexus, Chevrolet and Acura's presence in the 2024 top 10 is a natural extension of this relationship, offering premium experiences to Hispanic buyers who have already connected with their parent brands. However, despite Infiniti's strong position in 2019, by 2024, it had fallen off the top 10 list. The same goes for the VW/Audi relationship: although Audi is strong among Hispanics, VW is outside the Top 10 in Consumer Brands.
Top 10 Most Purchased Luxury Automotive Brands by Hispanics in 2024
Source: S&P Global Mobility 2024
1. Tesla
Tesla remains the top luxury brand among Hispanic buyers, driven by a strong appetite for innovation and sustainability. Tesla has seen a significant increase in Hispanic share, from 9.65% in 2019 to 14.50% in 2024. This growth highlights the expanding interest in electric vehicles among Hispanic consumers and Tesla's growing appeal within this demographic. By connecting deeply with Hispanic buyers, Tesla has positioned itself to benefit from this critical market, contributing to the overall success of the automotive industry.
2. Lexus
Lexus has long been a favorite in the luxury segment, and it is known for its reliability and refined experience. Lexus has seen a modest increase in Hispanic share, rising from 12.95% in 2019 to 14.10% in 2024 although Tesla sells almost twice as many vehicles to Hispanics.
3. BMW
The allure of BMW's driving performance, design aesthetics, and status symbol remains strong. BMW's Hispanic share increased from 11.95% in 2019 to 13.00% in 2024, showing a steady growth in its appeal within the Hispanic community, driven by a commitment to performance and luxury.
4. Mercedes-Benz
Mercedes-Benz continues to be a legacy luxury brand favored for its blend of prestige, craftsmanship, and technology. Its Hispanic share has grown from 13.31% in 2019 to 14.30% in 2024.
5. Acura
Acura's Hispanic share has experienced remarkable growth, increasing from 14.54% in 2019 to 19.80% in 2024. Acura's position in the top 10 is tied to the strength of its parent company, Honda, which remains a significant force in the non-luxury segment for Hispanic buyers.
It's important to note that Acura leads with the highest Hispanic market share, at 19.8%. Its position in the top 10 is closely tied to the strength of its parent company, Honda, which remains a major force in the non-luxury segment for Hispanic buyers.
6. Audi
Audi stands out for its progressive design and tech-forward interiors. Its Hispanic share has increased solidly, from 10.58% in 2019 to 12.50% in 2024. Audi's investment in this market will be critical for its continued success.
7. Cadillac
Cadillac's resurgence as an American luxury icon has garnered attention in the Hispanic community. Cadillac's Hispanic share has grown from 10.19% in 2019 to 13.40% in 2024. This growth underscores Cadillac's successful reinvention and appeal to Hispanic buyers seeking bold, modern luxury.
“At Cadillac, we believe what you drive should be as exceptional as who you are, and we're using this bold, innovative spirit to define the next generation of luxury. This approach has sparked renewed interest in the brand, including from the Hispanic community, a vital audience for Cadillac.”Juanita Slappy, Head of Multicultural Marketing, Cadillac
8. Volvo
Volvo's reputation for safety and minimalist Scandinavian design attracts Hispanic consumers who value family-oriented, safety-conscious driving. Volvo's push into the electric and hybrid market also positions it as a future-facing brand within the Hispanic community. Volvo's Hispanic share has increased from 9.50% in 2019 to 10.90% in 2024.
9. Lincoln
Lincoln's modern renaissance, combining classic American luxury with contemporary tech and comfort, appeals to buyers seeking sophistication. Lincoln's rise into the top 10 in 2024, with a Hispanic share of 9.80%, reflects the brand's successful efforts to re-establish itself as a competitive player in the luxury market.
10. Land Rover
Land Rover's rugged luxury uniquely appeals to Hispanic buyers seeking adventure without sacrificing high-end comfort. Land Rover's Hispanic share has increased from 11.49% in 2019 to 12.70% in 2024.
Percentage of Hispanic Sales
Source: S&P Global Mobility 2024
Building Cultural Connections: The Key to Success in the Hispanic Market
According to the census, minorities are projected to become the new majority in 2045. Brands have a crucial opportunity right now to connect with this diverse and growing demographic. Those who successfully build and maintain these connections will be better positioned to thrive in the evolving automotive landscape.
If manufacturers want to connect with the Hispanic market successfully, they need to engage with this demographic in a culturally relevant way and tailor their marketing strategies accordingly. Building strong relationships with Hispanic consumers requires more than just offering quality products; it involves understanding their values, preferences, and cultural nuances. By doing so, brands can create meaningful connections that resonate with Hispanic buyers, ultimately leading to greater brand loyalty and market success. This approach is not just a strategic advantage but a necessity in today's competitive landscape, where the Hispanic market continues to drive much of the growth in the automotive industry.
Brands that Fell Out of the Top 10 Between 2019 and 2024
While many brands have successfully maintained or improved their standing in the Hispanic luxury automotive market, a few notable brands in the top 10 in 2019 have since fallen out of this coveted group in 2024. Infiniti, which held a strong position in 2019 with a Hispanic share of 15.50%, has seen a significant decline in its appeal among Hispanic buyers, dropping out of the top 10 entirely.
The Evolving Landscape of Hispanic Luxury Car Buying
The shifts in the top 10 luxury brands from 2019 to 2024 underscore the importance of understanding and adapting to Hispanic buyers' unique preferences and the brands that connect with them. Brands that recognize the value of building strong relationships with Hispanic consumers, such as Tesla and Acura, are well-positioned to capitalize on this demographic's influence in shaping the future of the automotive industry. This understanding is crucial for brands to stay relevant and thrive in the evolving landscape of Hispanic luxury car buying.
As the Hispanic community continues to drive much of the automotive industry's growth, brands prioritizing this market and remaining adaptable to its evolving needs will undoubtedly secure their place at the forefront of the luxury automotive landscape for years to come.
