In the case of the automakers, having a good knowledge of what kind of car a certain type of customer likes is quintessential to success. And, as one of the largest players on the market, Japanese automaker Toyota is doing its best to know what's what on the market.
According to automotive data provider Polk, Toyota is one of the most sought after brands on the American market, but it is even more so when it comes to the African-American consumers. Last year, Toyota sold 641,090 vehicles to this segment of the market, reaching a total market share of 15 percent.
Judging by the fact that the US Census Bureau predicts a 12 percent growth by 2020 in the African-American population, having a strong foothold in this segment can only mean a good thing for the battered Toyota.
In the last year, Toyota was closely followed in the top of best-selling brands on the segment by Ford, Chevrolet and Honda, with the runner up being some 4 percentage points behind Toyota when it comes to market share.
"With the U.S. population growing faster in the African-American segment than others, there's a significant opportunity for automotive manufacturers and dealers to begin to align marketing initiatives toward this specific audience," said Marc Bland, product strategist at Polk. "Those companies that are ahead of the curve, like Toyota, are already reaping the rewards."
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