In 2023, the household expenditure on new cars and trucks in the US stood at $1.83 thousand. Forecasted data for 2024 to 2028 indicates a gradual increase in expenditure from $1.85 thousand in 2024 to $1.92 thousand by 2028. The year-on-year growth rates highlight a consistent upward trend, with expenditure expected to grow by approximately 1.08% in 2025, 0.53% in 2026, 1.06% in 2027, and 1.05% in 2028. The compound annual growth rate (CAGR) over the forecasted period is projected to be 1.13%, reflecting a steady rise in consumer investment in new vehicles.

Future trends to watch include:

The impact of emerging technologies such as electric vehicles and autonomous driving on consumer spending behavior.
Economic factors such as inflation and interest rates, which could influence household budget allocations.
Environmental policies and incentives that might shift consumer preferences toward more sustainable car options.