by: TN Media News:
In a promising turn of events, the United States anticipates a marginal increase in new car sales for the year 2024, marking a recovery for the automobile sector from the disruptions caused by the coronavirus pandemic and other supply chain challenges since 2020.
Forecasts from leading car data companies indicate a predicted rise in automobile sales by 1% to 4% on an annual basis, ranging between 15.6 million and 16.1 million units. If realized, these sales figures would represent the highest since domestic sales of new vehicles and trucks surpassed 17 million in 2019, according to a report by CNBC.
The global Covid health crisis significantly impacted the car sector, causing disruptions in production and supply chains. This resulted in a dip in vehicle sales to less than 14 million in 2022, marking the lowest level in more than a decade.
A minor upswing in U.S. car sales carries potential benefits for both the economy and consumers. It signifies an increase in car production, alleviating recent concerns about affordability amid record-high new car costs, elevated interest rates, and inflationary pressures.
Jessica Caldwell, Head of Insights at Edmunds, remarked, “While the year ahead holds the promise of further increased inventory and enticing deals that consumers have eagerly awaited, 2023′s high-interest rates are expected to linger, provoking conflicting market dynamics.” As the industry looks ahead to 2024, this anticipated boost in sales serves as a positive indicator of recovery and potential stability for the U.S. automotive sector.
