Market Share, Trends & Analysis
Introduction
The Ford Mustang is an American automotive icon—synonymous with performance, style, and status. But as the automotive industry evolves, so does buyer behavior. In recent years, noticeable shifts in demand have impacted Mustang sales dramatically. This analysis explores what percentage of Mustang is sold within the overall U.S. market, its changing market share, and the broader conditions shaping its trajectory.
With electrification transforming consumer preferences and competitors exiting the segment, understanding Mustang’s performance matters for industry watchers, Mustang enthusiasts, and potential buyers alike.
1. Mustang U.S. Sales Trends: 2020–2024
Calendar Year Sales
Data from Ford’s sales breakdown shows Mustang’s U.S. sales figures for recent years:
- 2020: 61,090 units
- 2021: 52,414
- 2022: 47,566
- 2023: 48,605
- 2024: 44,003
Sales declined about 9.5% from 2023 to 2024, marking the lowest annual volume in Mustang’s 60-year history.
Recent Quarterly Trends
- Q2 2024: Mustang sales rose to 13,737 units, reflecting a 28% year-over-year increase from Q2 2023.
- Q4 2024: Only 7,518 units sold, down 43% vs. Q4 2023.
- Q1 2025: Sales slid further—just 9,377 units compared to 13,707 in Q1 2024, a steep decline of ~31.6%.
- Q2 2025: Slight uptick with 14,174 units sold—up 3.2% vs. Q2 2024, but year-to-date sales remain down approximately 14% to 23,551 total units.
2. Mustang’s Share in Ford’s Car Segment and U.S. Market
Within Ford’s Car Portfolio
Ford’s U.S. sales data for 2024 indicates:
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Mustang accounted for 44,003 units out of total Ford car deliveries of 44,003—meaning Mustang represented virtually 100% of Ford’s car segment, since virtually no other conventional cars were sold; Ford’s volume was overwhelmingly trucks and SUVs.
Within Ford cars segment (only cars), Mustang dominated single‑handedly.
In the Broader U.S. Market
In 2024, Ford sold approximately 2,078,832 vehicles in the U.S., of which only 44,003 were Mustang models, representing just about 2.1% of total Ford volume and only about 2.1% of total U.S. auto market volume.
Segment Share among 2-Door Sports Cars
Despite low absolute numbers, Mustang leads the mainstream two-door sports car segment:
- In Q4 2024, Mustang captured 77% segment share, compared to Challenger’s 22% and Camaro’s 1%.
- In Q1 2025, its share soared to 91%, as Challenger and Camaro deliveries plunged.
3. Market Context: Competitors Exit, Electro Shift, Enthusiast Fatigue
Competitors Exit
By end‑2023 and early 2024, both Dodge Challenger and Chevrolet Camaro ceased production of internal‑combustion variants. With their retirement, Mustang remains the last gas-powered American muscle car in widespread production.
Electrification & Mustang Mach‑E
Ford’s electrified product line surged in popularity:
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Mustang Mach‑E sold 51,745 units in 2024, up 27% year-over-year—exceeding Mustang Coupe’s sales by over 7,700 units.
The shift toward EVs has altered consumer priorities, with Mach‑E often outselling the ICE Mustang, signaling growing electrified demand.
Consumer Fatigue & Pricing
Mustang’s price and interior upgrades have alienated some buyers:
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The new S650 generation brought significant price hikes and digital-heavy interiors—drawing criticism from long-time fans seeking affordability and analog experience.
4. Analyzing Sales Decline: Drivers & Impacts
Declining Popularity
The 9.5% drop in 2024, followed by steep declines in Q4 and early 2025, reflect waning consumer demand. Q1 2025’s 31.6% decline is notable—indicative of deeper challenges beyond typical seasonality.
Macroeconomic and Regulatory Factors
- Tariffs, raw material cost increases, and stricter emission regulations have impacted pricing and production economics for ICE muscle cars.
- Ford’s overall U.S. market share rose in Q2 2025 to 14.3%, buoyed by strong truck and SUV demand, while Mustang carried a negligible weight in total mix.
Segment Monopsony
With no real direct rivals in the ICE muscle segment, Mustang’s dominance in segment share doesn’t translate to volume growth. The segment itself has shrunk.
5. Future Outlook: Will Mustang Recover?
Upcoming Generational Shift
The Mustang S650 (seventh generation) launched production in May 2023. Its EcoBoost, GT, and Dark Horse models deliver up to 500 horsepower and are produced at the Flat Rock plant in Michigan. However, early demand suggests design or feature choices may be limiting appeal.
Electrified Synergy
Ford’s electric strategy—with Mach‑E expanding—may cannibalize ICE Mustang sales. Mach‑E’s rising popularity and Mustang GT price premium could erode Mustang coupe’s share further.
Enthusiast Market and Dealer Inventory
With limited availability and higher MSRP, Mustang remains a niche. Enthusiast buyers continue ordering V‑8 and manual versions, but broader market appeal remains muted.
6. Summary & Key Stats
Annual U.S. Mustang Sales and Share
| Year | Mustang Units | Year-over-Year Change | Mustang as % of Ford Total | Mustang as % of Ford U.S. Market |
|---|---|---|---|---|
| 2020 | 61,090 | — | ~3.2% (cars only) | ~2.9% |
| 2022 | 47,566 | –9.2% vs 2021 | ~2.4% | ~2.3% |
| 2023 | 48,605 | +2.2% vs 2022 | ~2.5% | ~2.4% |
| 2024 | 44,003 | –9.5% vs 2023 | ~2.1% | ~2.1% |
Quarterly Highlights
- Q4 2024: 7,518 units sold, –43% vs Q4 2023; segment share 77%.
- Q1 2025: 9,377 units sold (–31.6% YoY); segment share 91%.
- Q2 2025: 14,174 units (+3.2% vs Q2 2024); YTD down 14% to 23,551.
7. Implications for Ford and the Market
Internal Combustion Future
The Mustang is now the only gas-powered muscle car still in mass production in America. With Chevy and Dodge phasing out ICE models, Mustang’s future hinges on consumer acceptance of its new iteration or the pivot to electrification.
Electrified Growth Overshadowing
The electric Mustang Mach‑E outsold the coupe variant, showing where consumer interest really lies. Ford’s investment in electrification is growing faster than Mustang coupe’s performance.
Market Share vs. Brand Legacy
- Mustang carries strong brand equity but appeals to an increasingly narrow buyer base.
- Its share of Ford’s car mix is nearly all the car volume—but cars represent a tiny slice (<3%) of total volume.
8. What Lies Ahead
Pricing and Incentives
To combat sluggish demand, Ford may resort to incentives or trim revisions. However, Mustang’s brand expectations limit deep discounts.
New Variants or EV Mustang?
The Mustang GTD variant and possible future electric Mustang (distinct from Mach‑E) could revitalize interest among enthusiasts.
Regulatory Pressures
Emission norms may eventually force ICE sports cars to shrink or disappear, pushing Mustang further toward hybrid or electric powertrains.
Conclusion
The Ford Mustang continues to reign as the dominant two-door sports car in the U.S. segment—with its segment share of up to 91% in Q1 2025—even as Mustang sales sinks to historic lows with just 44,003 units in 2024. Despite this dominance, Mustang represents barely 2% of Ford’s total U.S. volume and an even smaller share of the overall U.S. car market.
With steep declines in early 2025 and tightening regulatory landscapes, Mustang’s future likely depends on Ford’s ability to bridge heritage with electrification or key demographic realignments.