Industry analysts predict a 2.5% or less increase in new vehicle sales for 2024, reaching the highest level since 2019. This growth is attributed to normalized inventories, automaker incentives, and easing financing rates. Electric vehicle sales are also projected to set a new record, nearing 1.3 million units and capturing roughly an 8% market share.
S&P Global, Edmunds and Cox Automotive expect new auto sales to increase year-over-year by 2.5% or less to achieve the industry's best results since 2019.
DETROIT — U.S. new vehicle sales are expected to rise next year to their highest level since 2019, led by lower interest rates and improving affordability, according to industry analysts.Cox Automotive expects new light-duty vehicle sales to hit 16.3 million in 2025, slightly higher than forecasts by S&P Global Mobility and Edmunds of roughly 16.2 million sales next year. Such sales would be up from expectations of 15.
Another expected growth area remains electrified vehicles, including hybrids, plug-in hybrid and all-electric models, according to analysts. Valdez Streaty and others cautioned EV sales could be weaker if there's an end to federal consumer credits for purchasing the vehicles of up to $7,500, which the Trump administration hasCox Automotive chief economist Jonathan Smoke said tariffs on those countries, which Trump has said could be 25%, would be"a radical disruption" to the U.S. new vehicle market.U.S. President-elect Donald Trump delivers remarks at Mar-a-Lago in Palm Beach, Florida, U.S., December 16, 2024.
Auto Sales Electric Vehicles Industry Forecast US Economy New Car Market
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. auto sales next year expected to be best since 2019S&P Global, Edmunds and Cox Automotive expect new auto sales to increase year-over-year by 2.5% or less to achieve the industry’s best results since…
Read more »
US Auto Sales Expected to Reach Highest Level Since 2019Industry analysts predict a 2.5% or less increase in new vehicle sales for 2024, driven by factors like normalization of inventories, manufacturer incentives, and easing loan rates. Electric vehicle sales are also forecasted to surge, representing around 8% of the market share.
Read more »
US New Vehicle Sales Expected to Rise to Highest Level Since 2019Industry analysts predict a 2.5% or less increase in new vehicle sales for 2024, reaching their highest level since 2019. The growth is attributed to factors like normalizing vehicle inventories, automaker incentives, and easing financing rates.
Read more »
US Auto Sales Projected to Surge to 2019 HighsIndustry analysts predict a significant increase in US new vehicle sales for 2024, reaching levels not seen since 2019. Factors contributing to this growth include lower interest rates, improved affordability, and a normalization of vehicle inventories.
Read more »
US Auto Sales Forecast to Reach Highest Point Since 2019Industry analysts predict a surge in US new vehicle sales next year, reaching the highest level since 2019. This growth is attributed to lower interest rates, improved affordability, and a normalization of vehicle inventories.
Read more »
Prepare for holiday travel with these sales during Amazon's early Black Friday salesThis holiday season, pack better and relax on the plane when you go with these travel must-haves.
Read more »