USA Vehicles Sales in November 2024 grew 12.4%, with 1,36 million new monthly registrations. YTD figures at 14,42 million gained 2.4% from the prior year. Toyota grew 2.4% and ranked 1st, followed by Ford, down 1 spot, and Chevrolet.
Market Trend and Outlook
With inflation remaining strong and interest rates expected to remain high as the Fed continues to try to cool down the economy, US GDP is forecasted to grow 2.4% in 2024 and slow down to 1.1% in 2025.
Despite elevated interest rates and global economic challenges, consumer spending and business investment continue to drive growth. However, risks such as persistent inflation and geopolitical conflicts could lead to lower growth rates. While baseline projections remain positive, there are also optimistic scenarios with stronger productivity gains, and downside risks where inflation and conflicts hinder growth. Overall, the U.S. economy is forecasted to outperform many global peers in the near term, with varied growth across sectors.
The U.S. light vehicle market grew 12.3% in November 2024, reporting 1,36 million new registrations. YTD figures at 14,42 million were up 2.4% from the prior year.
Looking at cumulative data up to November brand-wise, Toyota -up 1 spot- secured leadership with 1,84 million sales (+7.7%), followed by Ford -down 1 spot- with 1,79 million registrations (+3.9%) and Chevrolet in 3rd with 1,55 million units sold (-0.7%).
Honda ranked 4th with 1,16 million sales (+11.7%), in front of Nissan in 5th with 791,186 sales (+2.7%), Hyundai -up 1 spot- at 758,308 (+5.1%), Kia -down 1 spot- with 725,308 sales (+0.4%) and Subaru – up 1 spot- in 8th with 605,854 new registrations (+5.5%).
Jeep -down 1 spot- into 9th with 549,360 sales (-6.7%) and GMC -up 1 spot- closed the top 10 with 538,422 units sold (+4%).
Looking at the best-selling models, reported in the dedicated article, the Ford F-Series was still the best seller, growing 0.6% decrease in year-on-year volume, followed by the Chevrolet Silverado, down 0.6%.
Medium-Term Market Trend
After the fall reported as consequence of 2008 economic crisis, when the market dropped from near 18 to 10 million annual volumes, since the 2010 the market recovered supported by a quite positive economic cycle.
Starting at 11.5 million in 2010, the American light vehicles market rose for 6 consecutive years, ending 2016 with a peak of 17.6 million sales. From 2017 to 2019 the market bounced around the low 17 million mark.
The arrival of the pandemic in 2020 made many manufacturers and distributors close down, causing a big problem in the automobile industry, with sales in the US falling 13.9% to 14.7 million by the end of the year.
While in 2021 a shy recovery was reported (+4.3%) the market kept suffering in 2022 as all manufacturers are deeply involved in the electrification evolution, with huge government incentives supporting EVs and Tesla gaining market share and revolutionizing the traditional and consolidated approach to the market. And the 2022 market level was the lowest in a decade.
In 2023 the vehicle market was able to recover, reporting 15.36 million sales (+12.4%) sustained by strong incentives to EVs models and economic growth.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Groups, and top 10 Models.
