Toyota Motor Corp. has been dominating the Hispanic market in the United States for 10 straight years, and it has no plans to give up its dominance to its rivals like Nissan Motor Corp. and Ford Motor Co. Bill Fay, group vice president for US sales, remarked at a conference for the National Council of La Raza that Toyota’s advantage against its competitors is that it has been on top for while – which means that the company already some equity with the Hispanic consumers.
Toyota plans to continue its dominance by expanding its marketing and community outreach efforts. He told Bloomberg that Toyota is trying to cover all its bases and reinforce the strength of the product and involvement in the different communities.
According to the Census Bureau, as of July 2011, Hispanics account for around 17 percent of the US population at about 52 million. Government estimates Hispanics to account for around 30 percent of the US population by mid of the century.
Fay disclosed that Hispanic consumers account for 14 percent of Toyota's sales so far in 2014, citing registration from R.L. Polk & Co. He added that Toyota holds a 16-percent share of the Hispanic market.
Alexander Edwards, president of Strategic Vision consumer research firm, just a 1-percent share of the Hispanic market is “critical,” adding that it is an important group.
Toyota, Lexus and Scion vehicles posted a 5.1-percent gain in the US to 1.2 million in the first half of 2014. Fay said Toyota is expecting to sell at least 2.3 million cars and trucks in the US in 2014. [source: Bloomberg]