The data indicates a continuous decline in the ownership of passenger cars in the US from 2024 to 2028, decreasing from 383.24 units per thousand persons in 2024 to 372.49 units per thousand persons in 2028. Compared to 2023, which stood at 384.0 units per thousand persons, there is a noteworthy downward trend. The variations indicate a percentage decrease of approximately 0.72% from 2023 to 2024, 0.72% from 2024 to 2025, 0.72% from 2025 to 2026, 0.70% from 2026 to 2027, and 0.70% from 2027 to 2028. The compound average growth rate (CAGR) over this five-year forecast period hovers around -0.71% per year.
Future trends to watch for include the increasing adoption of alternative transportation options, such as ride-sharing services and electric scooters, which could continue to impact car ownership rates. Additionally, advancements in autonomous vehicle technology and shifts towards more sustainable living may also contribute to this downward trend in passenger car ownership over the coming years.
