The value of wholesale, retail, and repair of motor vehicles and motorcycles in the US is projected to rise steadily from 2024 to 2028. Starting at 4.5986 trillion USD in 2024, the industry is expected to grow, reaching 5.2556 trillion USD by 2028. This reflects a CAGR (Compound Annual Growth Rate) of 3.38% over five years. Notably, the industry showed significant recovery with consistent annual growth, reflecting a healthy demand and expansion outlook from previous levels recorded up to 2023.
Future trends to watch include the impact of technological advancements like electric vehicles (EVs) and autonomous driving, evolving consumer preferences, potential regulatory changes, and macroeconomic factors that could influence industry growth and dynamics.
