It's been one heck of a ride for Hyundai these past couple of years. The company's Genesis sedan was named North American Car of the Year in 2009, its Hyundai Assurance Program generated both business and press, and somehow, the automaker weathered the economic storms of 2008 and 2009 and came out ahead. As yet more proof of that last bit, a recent survey reveals that Hyundai is now the fifth most-considered car brand in America.
The news comes via Kelley Blue Book's Market Intelligence Brand Watch Study, which shows Hyundai bumping Nissan off the top-five most-considered list. (We'll see if Nissan can stage a comeback with all that buzz about the Leaf.) The companies in the upper four berths -- Ford, Toyota, Chevrolet, and Honda -- are familiar faces in the KBB study, though Toyota's recall troubles have forced it to slide from the top spot to number 2. According to KBB, though, Toyota has regained a little of that ground due in part to its "Swagger Waggon" campaign for the Sienna minivan, which is apparently more hit than miss.
Of course, it's not all rainbows and unicorns for Hyundai. The brand still has a long way to go before it catches up with other U.S. retailers; after all, it polled at 13% in the KBB study, which is less than half of Ford's 29%. And both Hyundai and its sister, Kia, have major problems with resale value. But slow and steady wins the race -- and with the coming U.S. launch of Hyundai's luxury sedan, the Equus, that race may get even more interesting.
For more details about the study, check out the full press release below.
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kbb.com: Hyundai Ousts Nissan to Become One of Top Five Most-Considered Brands
Latest Market Intelligence Data Shows Ford as Most-Considered New Auto Brand; Toyota Continues to Struggle
IRVINE, Calif., Aug. 10 /PRNewswire/ -- According to the latest Kelley Blue Book www.kbb.com Market Intelligence Brand Watch™ study, Korean automaker Hyundai has made its first foray into the top five most-considered auto brands among new-car shoppers, ousting Japanese brand Nissan into sixth place. Domestic auto manufacturer Ford continues its reign in the top spot as the most-considered among the 37 new-vehicle brands tracked in the Kelley Blue Book Market Intelligence study, followed by Toyota, Chevrolet, Honda and Hyundai, respectively.
Kbb.com Brand Watch Q2 2010 Study
Top Five Most-Considered Auto Brands Overall (Regardless of Segment)
According to the Q2 2010 Brand Watch Study, over the past quarter Hyundai consideration has surged nearly six percentage points in the non-luxury coupe/sedan/hatchback segment, now garnering 29 percent of the total consideration among shoppers of this segment and bested only by Honda (45 percent), Toyota (42 percent) and Ford (38 percent).
Ford continues to hold court as the most-considered automotive brand among new-car shoppers, further increasing its lead over the second most-considered brand, Toyota (Ford has 29 percent of overall brand consideration regardless of segment, whereas Toyota has 22 percent). In Q2 2010, Ford particularly excelled in the non-luxury SUV/CUV segment, increasing its lead by four percentage points over the previous quarter to capture nearly half (46 percent) of the consideration among new non-luxury SUV/CUV shoppers. In comparison, Honda and Toyota tie for second and third places, each only having 35 percent.
Meanwhile, Toyota continues to experience the fallout from its recall and reputation crisis earlier this year. Since one year ago (Q2 2009), overall Toyota consideration has fallen eight percentage points (from 30 percent to 22 percent), now holding steady to its number two spot when it formerly dominated the number one spot. In addition, Toyota's luxury brand Lexus experienced an all-time low since 2007 in the luxury sedan/coupe/hatchback category at 30 percent in Q2 2010 (down from 41% in Q1 2007).
On a bright note for Toyota, the company's lauded "Swagger Wagon" marketing campaign for the all-new redesigned 2011 Sienna is resonating well with consumers, as the brand surged more than six percentage points in the minivan category over the past quarter to now capture 53 percent of the category consideration for Q2 2010. In addition, new-car shoppers ranked the Toyota brand tops in the minivan category for exterior styling.
"The latest Kelley Blue Book Market Intelligence findings show how the deck is being reshuffled in the automotive marketplace, with certain brands now holding places in consumer perception that we may not have believed just one or two years ago," said James Bell, executive market analyst for Kelley Blue Book's kbb.com. "Ford continues its upward trajectory and Hyundai is truly on a roll. Both brands prove that when you make dynamic, exciting and affordable products that appeal to the new-car shopping masses, consumer perception begins to change and subsequently, sales will follow."
For Q2 2010, new-car shoppers rank durability/reliability, driving comfort, fuel efficiency, driving performance and safety (respectively) as the top five important factors while shopping for their next new vehicle.
The Q2 2010 Kelley Blue Book Market Intelligence Brand Watch Study was fielded to more than 3,000 in-market new-car shoppers on Kelley Blue Book's kbb.com from April 6 – June 17, 2010. Kelley Blue Book's Brand Watch is an ongoing study tracking and trending consumer perceptions, detailing strengths and weaknesses of makes within each segment. Brand Watch primarily tracks brand consideration, segment consideration, important consideration factors for new-car shoppers, and how brands perform on those important factors. Kelley Blue Book Market Intelligence has been tracking Brand Watch since 2007. For Market Intelligence sales inquiries on any segment or brand, please contact Hwei-Lin Oetken, vice president of market intelligence services for Kelley Blue Book and kbb.com, at 949-267-4460 or [email protected].