Passenger Cars - United States | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$605.0bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.30%, resulting in a projected market volume of US$595.9bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$332.9bn in 2024.
Passenger Cars market unit sales are expected to reach 15.71m vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$37.92k in 2024.
With a vehicle unit sales share of 12.7% in 2024, Ford is expected to have one of the highest market share in the selected region.
The value market share of the make Ford in the selected region is expected to stand at 10.8% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in United States has been witnessing significant growth in recent years.

Customer preferences: Customers in the United States have shown a strong preference for passenger cars due to their convenience and affordability. The availability of a wide range of models and brands has also contributed to the popularity of passenger cars in the country. Additionally, customers in the United States value fuel efficiency and safety features in their vehicles, which has led to an increased demand for hybrid and electric cars.

Trends in the market: One of the key trends in the Passenger Cars market in United States is the growing demand for SUVs and crossovers. These vehicles offer a combination of spaciousness, versatility, and fuel efficiency, making them attractive to a wide range of customers. The rise in popularity of SUVs and crossovers can be attributed to factors such as changing consumer lifestyles, increased focus on outdoor activities, and the perception of these vehicles as being safer. Another trend in the market is the increasing adoption of electric and hybrid cars. The United States government has been promoting the use of electric vehicles through various incentives and subsidies, which has led to a surge in demand for these vehicles. Additionally, advancements in technology have made electric and hybrid cars more affordable and practical for everyday use, further driving their popularity in the market.

Local special circumstances: The United States has a well-developed infrastructure, including a vast network of highways and roads, which makes it conducive for the use of passenger cars. The country also has a strong automobile manufacturing industry, with several major automakers having production plants in the United States. This has led to a wide availability of passenger cars and competitive pricing in the market.

Underlying macroeconomic factors: The strong economy and low unemployment rate in the United States have contributed to the growth of the Passenger Cars market. With more people having disposable income, there is an increased ability to purchase cars. Additionally, low fuel prices have made owning and operating passenger cars more affordable for consumers. The availability of auto financing options also makes it easier for customers to purchase cars. In conclusion, the Passenger Cars market in United States is driven by customer preferences for convenience, affordability, and fuel efficiency. The growing demand for SUVs and crossovers, as well as the increasing adoption of electric and hybrid cars, are key trends in the market. The local special circumstances, such as a well-developed infrastructure and a strong automobile manufacturing industry, further support the growth of the market. The underlying macroeconomic factors, including a strong economy and low fuel prices, also contribute to the development of the Passenger Cars market in United States.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.