Usa New Vehicle Sales To Increase In 2024

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Usa New Vehicle Sales To Increase In 2024

US New Vehicle Sales To Increase By 1% Next Year

According to a forecast from an independent car website, an increase of 1% will be seen in new vehicle sales within the USA. This means around 15.7 million cars will likely be sold in the year 2024.

The increase in the US new vehicle sales for next year will be marginal as the country is still struggling with high interest rates. In addition, the demand is also weak, given the high inflation rate in the country.

EV Sales To Increase In 2024

So, although the supply of vehicles will likely improve in 2024, the same can't be said about the sales of new cars. Given the macroeconomic challenges, it makes sense to consider a 1% growth in 2024.

The sales of electric cars are expected to increase by a staggering 8%, which suggests that the pivot towards green energy has picked pace. A year earlier, the new car sales (EV specific) were only 6.9%, which means the next year will be an increase of +1.1%.

The year ahead (2024) will lead to a lot of deals for the customers, along with an increase in the inventory. However, the economy and the consumers will continue to experience higher interest rates. As a result, the dynamics of the car market have become very difficult and challenging.

But if we look at the auto manufacturers, they believe that the demand for new cars post-pandemic is still very strong. That's why Toyota Motors and General Motors have reported improved sales of new cars in the year 2023. According to them, the supply-chain problems are not as intense as they were in the past.

One particular detail mentioned in the report was that US consumers are now looking for affordable car models. This means the car models that are more expensive will face difficulty finding customers.

Although the sales of EVs and hybrid vehicles show an improvement, it is still not enough to signal a complete shift toward electric options.

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