The data for passenger car registrations in the US from 2013 to 2023 indicates a significant downward trend. In 2023, the value stood at 229.73 thousand registrations. Over the last two years, there has been a steady decline, with a year-on-year variation of -3.57% in 2023. The CAGR over the past five years is -12.29%, showing a pronounced drop in registrations.
Forecasted data from 2024 to 2028 suggests this declining trend will continue, albeit at a slower rate, with a forecasted 5-year CAGR of -3.23% and an overall decrease of 15.13% expected by 2028.
Future trends to watch for include shifts in consumer preferences towards alternative fuel vehicles, advances in vehicle technology, economic conditions, and policy changes impacting car ownership and usage.
