The analysis of passenger cars in use in the US reveals a fluctuating pattern over the past decade. From 2013 to 2019, the number of passenger cars saw small decreases and increases, with notable declines from 2016 onwards. A significant drop occurred in 2020 by 17.5%, likely impacted by the COVID-19 pandemic. Recovery followed in 2021 with a 13.78% increase, and a more moderate rise in 2022 by 4.65%. By 2023, the total stood at 115.77 million units, marking a slight decrease of 0.57% from the previous year.
Looking forward, forecasts suggest a gradual decline with a Compound Annual Growth Rate (CAGR) of -0.47% over the next five years, shrinking to 111.94 million units by 2028. This reflects a trend of a slow but steady decrease in the number of passenger cars in use.
Future trends to monitor include the increasing market share of electric vehicles, shifts in consumer preferences towards ride-sharing services, and the potential impact of autonomous vehicle adoption. These factors may result in further changes in the number of passenger cars in use.
