The American car market does not always have a stable structure, so it is challenging to forecast further changes accurately. Nevertheless, it now demonstrates a specific stability which makes it possible to assess its condition more accurately in the future. In the next fiscal year, several trends are expected to characterize the American auto market for several years. Let’s study them together and try to make our forecast.
Gradual growth of most indicators
In 2024, the US economy is experiencing slight growth, which positively affects the state of the American car market. This trend is expected to continue for quite some time, so in the next financial year, we can hope for an increase in various indicators. The main one will be reduced average cost of cars sold. This will make different types of vehicles more financially accessible than before. This feature will allow people currently experiencing specific financial difficulties to purchase cars. At the same time, experts predict that the gradual growth of various indicators will not lead to a recession. This is extremely important for the American car market and the country’s entire economy.
Increase in the number of new and used cars.
Today, there is a glut of new cars in the American car market. This is because various companies are increasing production volumes at a faster pace than the increase in demand for specific models. Approximately the same situation is observed in the segment of used vehicles. They are actively exhibited at car auctions Macon, GA and other US cities, so the number of options available for purchase is always as high as possible. The situation will remain approximately the same in the next financial year. This trend is expected to continue for quite some time, so the number of new and used models sold will increase by an average of 1.5%-2% per year. This will help reduce prices and make cars more accessible to different categories of buyers.
Growing demand for environmentally friendly transport
The American car market is surprised by its rapid growth in demand for environmentally friendly cars. This is due to the gradual development of charging station infrastructure and the desire of manufacturers to convince customers of the need to switch to environmentally friendly transport. Another sharp increase in electric car sales is expected in the next financial year. Experts associate it with numerous advertising campaigns that are being implemented these days. Almost all manufacturers represented in the American car market are actively promoting the idea of using environmentally friendly transport and offering customers the most favorable offers. The increase in tax benefits provided for owners of electric cars also adds to optimism. This gives a positive result and makes us believe that models with electric and hybrid engines will be able to reach 25% of the total number of cars sold by the end of 2024.
The American car market is stable, so no significant changes should be expected in the next financial year. Nevertheless, specific emerging trends will become more noticeable in a short period. They will slightly revive the American car market and help defeat the emerging recession.
