From 2013 to 2019, the automobile sales in the US showed consistent growth, averaging a CAGR of approximately 6.25%. The sharp decline in 2020 was primarily due to the pandemic, which led to the lowest sales in recent years. The market rebounded in 2021 with a 17.12% annual increase, continuing to grow modestly thereafter. By 2023, the automobile sales reached 145.57 billion USD.
The forecast for the upcoming years (2024-2028) shows a steady growth trend, averaging a forecasted CAGR of 1.65%. This indicates a period of moderate yet consistent growth, projected to reach 161.05 billion USD by 2028.
Future trends to watch for:
- Increased adoption of electric vehicles (EVs), driven by regulatory changes and consumer demand for sustainable solutions.
- Advancements in autonomous driving technology, which may alter automobile sales dynamics.
- Supply chain constraints and semiconductor shortages affecting production and inventory levels.
- Shifts in consumer behavior post-pandemic, including preferences for personal versus shared mobility.
