Between 2013 and 2023, the vehicles in use in the US have seen fluctuations with a general upward trend. The value for vehicles in use in 2023 stood at 274.29 million units. Notably, there was a significant drop in 2020, attributed to the challenges posed by the COVID-19 pandemic, but the market showed a strong recovery afterward, reaching new heights in 2022.

The year-on-year variation over the last two years showed a rise of 5.82% in 2022 and a modest increase of 0.51% in 2023. The Compound Annual Growth Rate (CAGR) for the last five years stood at 0.54%, indicating a steady but slow growth trend overall.

Future trends to watch for include:

Continued recovery post-pandemic with steady growth projected at a 5-year CAGR of 0.43% through 2028.
Potential impacts of increased adoption of electric vehicles and advancements in automotive technology.
Policy changes and economic factors influencing vehicle ownership dynamics.