In 2023, the output of the wholesale, retail, and repair of motor vehicles and motorcycles in the US stood at an estimated value of around 4.45 trillion USD. The forecast for upcoming years shows a steady rise, projecting values of 4.5986 trillion USD in 2024, 4.7654 trillion USD in 2025, and reaching 5.2556 trillion USD by 2028. The compound annual growth rate (CAGR) over these five years is expected to be approximately 3.5%.
Future trends to watch for include:
- Continued growth in the electric vehicle sector, influencing output levels.
- Technological advancements in automotive repair and retail processes.
- Regulatory changes affecting vehicle emissions and sales.
- The evolving landscape of ride-sharing and its impact on vehicle sales.
