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Highs and lows of the US car market
Recent US car sales trends
What are some reasons for declining sales?
During the COVID-19 pandemic, there were chip shortages in the market. This caused a lack of semiconductors in the global automotive market.
There was also a limited selection of vehicles. Japan auto manufacturer Toyota announced in 2022 they can’t meet their production target.
Electrical vehicles grew in 2022
According to Forbes’ Q2 reporting from 2022, EV sales accounted for 5.6% of the total auto market share. This figure represents growth when compared to EVs’ 2.7% total market share in 2021.
- A move towards clean energy
- Changing consumer attitudes
- Increased EV model performance
- Government incentives to support EV sales
- Escalating fuel prices
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Vehicle usage trends in 2022
- US drivers with incomes in the range of $50,000 to $75,000 own about 33% of the cars in use
- The US vehicle fleet is aging, with an average vehicle age of over 12 years
- 40 million used vehicles changed owners from 2021 to 2022
- New registrations came to about 13.5 million
- Gen X is the leading consumer of vehicle ownership
Why does this information matter?
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Final word
Frequently asked questions
13.8 million units of light vehicles were sold in the U.S. in 2022, according to NADA.