In 2023, household expenditure on vehicle purchases in the US stood at 625.00 billion USD. The forecast data for the years 2024-2028 show a steady increase in expenditure. In 2024, the value is predicted to be 633.64 billion USD, reflecting a year-on-year growth of 1.38%. This growth continues progressively with 1.31% in 2025 (641.95 billion USD), 1.29% in 2026 (650.22 billion USD), 1.27% in 2027 (658.45 billion USD), and 1.24% in 2028 (666.64 billion USD). The compound annual growth rate (CAGR) over this five-year period is approximately 1.30% per year.

Future trends to watch:

Technological advancements in vehicle manufacturing, particularly electric vehicles (EVs) and autonomous driving technology, may drive substantial changes in household expenditure patterns.
Evolving consumer preferences towards greener and more sustainable transportation options could influence market dynamics and purchasing behaviors.
Economic factors, such as inflation rates, interest rates, and income growth, will continue to impact household spending on vehicles.