In 2023, the import of automobiles with spark-ignition internal combustion reciprocating piston engines of a cylinder capacity between 1500-3000 CC to the US was valued at approximately $123 billion. The forecasted data from 2024 to 2028 indicates a steady growth in value, with an increase from $126.45 billion in 2024 to $139.77 billion in 2028. This represents a year-on-year growth ranging from 2.71% to 2.36%, indicating a trend of moderate but consistent expansion. Over these five years, the compound annual growth rate (CAGR) is approximately 2.45%.
Future trends to watch for include:
- The impact of electric vehicles on imports, as market shifts might affect traditional combustion engine demand.
- Regulatory changes related to emissions and fuel economy that may influence import volumes.
- Global economic factors that could impact consumer spending and the competitiveness of foreign auto manufacturers.
