General Motors is quick to point out that reentering the midsize truck segment was a bit of a gamble on their part. While true, one could argue that entering into a truck segment in the U.S. that had, at best, weak competition was sort of like fishing in a barrel. As it turns out, the return of the Chevrolet Colorado and GMC Canyon is a bet GM is probably laughing all the way to the bank on as the Colorado is already nearing 25-percent market share. Combined with its GMC brother, the two are commanding about 32-percent of the midsize truck segment thus far.
In the U.S. the midsize truck segment is comprised of only two real competitor for the GM twins, the Nissan Frontier and Toyota Tacoma. While both are competitive products, both have lacked sizable investment up until the Tacoma’s recent mid-cycle refresh. Toyota’s revamp has paid off as it has sustained the Tacoma’s commanding lead in the segment with over 50-percent market share year-to-date. Tacoma is clearly the one to beat if you’re GM.
While the Colorado has a ways to go before it’s capturing anything close to 50-percent, it is gaining share fairly quickly. Comparing 2015 to YTD 2016, the Colorado has gained one-percent of market share, largely at the expense of the Tacoma, which has lost share thus far this year.
The revaluation that the Colorado has already snagged 25-percent of the market comes just as the truck had its best sales month ever in April, moving 10,362 of the little trucks. In total Colorado sales are up 26.2-percent thus far in 2016, while the segment as a whole has only seen about 11-percent growth for the year. If that trend holds up, the Colorado may get significantly closer to the segment leader by the end of 2016.