Cleveland, OH, May 14, 2018 — US demand for motor vehicles is forecast to total 17.0 million units in 2022, according to Motor Vehicles: United States, a report recently released by Freedonia Focus Reports. An expected rise in interest rates will weigh on new vehicle sales, as the vast majority of new car purchases are financed through a loan or lease. Although slight declines are expected to 2022, sales will nevertheless remain near the peak levels registered in the 2014-2017 period. Higher interest rates will result in increased monthly loan or lease payments for new cars, while competition from the availability of used vehicles will further weigh on new vehicle sales. Reduced vehicle replacement needs will also restrain retail sales.
Retail sales of light vehicles are expected to fall less than 1.0% annually to 2022. A continued shift in consumer preference towards larger light vehicles, especially crossover vehicles, will drive automobile sales to the fastest volume declines among the discrete segments. While volume sales of new light-duty trucks (including crossovers and SUVs) will also fall from their decade peaks, 2022 sales are expected to remain above 2007-2016 levels.
These and other key insights are featured in Motor Vehicles: United States. This report forecasts to 2022 US new motor vehicle retail sales and production in units, as well as new vehicle retail sales and consumer spending on used light vehicles in nominal US dollars. Total new retail sales and production volumes are segmented by type in terms of:
- light-duty trucks
- medium-duty trucks
- heavy-duty trucks
- medium- and heavy-duty buses
Total new vehicle retail sales values are segmented by type as follows:
- light-duty trucks
- medium- and heavy-duty trucks and buses
Consumer spending on used light vehicles is segmented type in terms of:
To illustrate historical trends, total retail sales, total production, consumer spending, the various segments, and trade are provided in annual series from 2007 to 2017.
More information about the report is available at https://www.freedoniafocusreports.com/Motor-Vehicles-United-States-FF85029/.