The motor vehicle and parts dealer industry's gross output in the US is projected to grow steadily from 2024 to 2028, starting at 336.57 billion USD in 2024 and increasing to 362.09 billion USD by 2028. This growth represents a compound annual growth rate (CAGR) of approximately 2.4% over the five-year period.
Between 2024 and 2025, the industry is expected to witness a year-on-year growth of around 2%. This pace slightly accelerates in the following years, culminating in a more robust 2.5% increase between 2027 and 2028, reflecting a consistent upward trend fueled by factors such as technology integration in vehicles and potential demand for electric vehicles.
Future trends to watch for include:
- Shifts towards electric and autonomous vehicles possibly driving changes in consumer preferences and dealer inventories.
- The potential impact of increasing digital retailing and e-commerce in vehicle sales processes.
- Adapting to regulatory changes focusing on sustainability and emissions standards.
