The passenger car production in the US has experienced a consistent decline from 2013, when it stood at 4.3688 million, to 2023, where it is now at 2.0495 million. This decline is marked by significant drops particularly between 2016 and 2020. In the most recent years, 2022 saw a slight increase of 0.84%, followed by a decline of 2.39% in 2023. The 5-year CAGR from 2018 to 2023 highlights an average annual decline of 5.95%.
Looking forward, the forecast anticipates continued declines with a forecasted 5-year CAGR of -7.17%, resulting in a 31.07% decrease by 2028. Factors to watch include shifts in consumer preferences towards electric vehicles, regulatory changes, and potential economic influences. The industry's adaptation to emerging technologies and sustainability trends will be crucial in shaping future production numbers.
