Synopsis-
“Leading automotive data firms are predicting that the number of vehicles sold in the US will increase by 1% to 4% compared to the previous year. This means that around 15.6 million to 16.1 million vehicles are expected to be sold this year, which is the highest number since 2019.”
Sales of new vehicles in the United States are predicted to slightly increase next year as the automotive industry continues to recover from the pandemic and supply chain issues experienced since 2020.
Leading automotive data firms are predicting that the number of automotive vehicles sold in the US will increase by 1% to 4% compared to the previous year. This means that around 15.6 million to 16.1 million vehicles are expected to be sold this year, which is the highest number since 2019. In 2019, more than 17 million new cars and trucks were sold in the US.
Pricing power gives way to incentives
Increased sales are beneficial for investors, but lower prices and rising incentives could pose challenges for many automakers and dealers who have achieved record profits in recent years.
The projected growth rate of the United States stands at 2.3%, while the global increase in auto sales for the year is 2.8%.
“2024 is expected to be another year of cagey recovery, with the auto industry moving beyond clear supply-side risks, into a murkier macro-led demand environment,” said Colin Couchman, executive director of global light vehicle forecasting at S&P Global Mobility.
It would be the first time since 2015-16 that the automotive industry sees sequential sales growth if U.S. sales increase next year.
GlobalData, which just purchased LMC Automotive, projects that new car sales in the United States would rise by over 4% to 16.1 million units.
According to Edmunds, 15.7 million new automotive vehicles and trucks will be sold by 2024. Compared to the projected 15.5 million automobiles and trucks sales in 2023, that would represent an approximately 1% increase.
