The market share of the traditional Big Three automakers set new lows across North America in October as sales of fuel-hungry, large sport utility vehicles plunge, according to a report released today by Scotia Economics.

In Canada, the combined market share for General Motors, Ford and DaimlerChrysler fell to 50.2% in October and is likely to move below 50% in coming months.

In the United States, the Big Three’s share dropped to a record low of 54.3% in October, down from 58.3% a year ago and an average of 59.1% over the previous nine months.

As recently as 1998, those automakers accounted for 70% of both Canadian and U.S. markets, Scotia Ecnomic’s said in a release.

“The market share losses for the ‘traditional’ Big Three have accelerated over the past three months, with high gasoline prices intensifying the shift away from large SUVs towards more fuel-efficient vehicles,” said Carlos Gomes, Scotiabank’s auto industry specialist.

“For example, during October, the second-largest North American automaker saw its sales in Canada fall to fifth place, surpassed by two Japanese manufacturers. In the United States, volumes of the largest Japanese automaker have exceeded those of a North American producer for three consecutive months.”

The report said North American automakers now lose more than US$1,100 per vehicle. Previously, despite a declining market share, North American automakers were able to rely on the lucrative large SUV segment to remain profitable.

A 20% drop in large SUV sales in the United States so far this year has contributed to a loss in net income of nearly US$5 billion by North American automakers.

Crossover utility vehicles (CUVs), which are more fuel efficient than larger SUVs, are the fastest-growing segment in the North American auto market.

CUVs now account for 13% of overall U.S. vehicle purchases, but are expected to garner a 22% share by the end of the decade, up from only 3% five years ago.

Imported brands dominate the fast-growing CUV segment, garnering nearly a 60% share, compared with just over 40% of the overall light vehicle market.

Honda is the leader in the CUV segment with a 19% share. In contrast, General Motors’ share of the CUV market is just 15%.

As for overall vehicle sales, Canadian and U.S. auto sales slumped to a seven-year low last month. U.S. car & light truck sales fell to an annualized 14.7 million units in October – the lowest level since the height of the Asian currency crisis in August 1998.