The analysis of the number of passenger cars in the US, expressed in millions, shows that in 2023 the value stood at 111.6. Over the last two years, there was virtually no change, with a slight decrease of 0.026% year-on-year from 2022 to 2023. The five-year CAGR leading up to 2023 was -0.026%, indicating a slight long-term decline.
From 2013 to 2023, the trend in passenger car numbers fluctuated, with significant drops observed in 2017 (-1.58%) and notably in 2020 (-17.02%), followed by a recovery in 2021 (14.43%). However, these numbers have stabilized around the 111.6 million mark in recent years.
Future trends to watch for include potential shifts in consumer preferences toward electric vehicles, policy changes influencing car ownership, and macroeconomic factors such as supply chain disruptions and economic growth. Considering the forecasted CAGR of -0.01% from 2024 to 2028, the market is expected to remain relatively stable with a very slight decrease in the number of passenger cars.
