The American car market is showing signs of stability, providing an opportunity to make more accurate assessments and predictions for the future. In the next fiscal year, there are several trends expected to shape the industry for the years to come.
One notable trend is the gradual growth of various indicators in the US economy, which is expected to positively impact the American car market. This growth will likely result in a decrease in the average cost of cars sold, making different types of vehicles more financially accessible. This change could help individuals facing financial difficulties to purchase cars, without leading to a recession, which is crucial for the overall economy.
Moreover, there is an increase in the supply of both new and used cars in the market currently. Companies are ramping up production faster than the demand for certain models, leading to a surplus of new cars. Similarly, the used car market is also experiencing high availability at auctions and dealerships across the country. This trend is expected to continue into the next financial year, with an average annual increase of 1.5%-2% in the number of new and used models sold, potentially driving prices down and making cars more accessible to buyers.
Another significant trend is the rising demand for environmentally friendly transport in the American car market. With the development of charging station infrastructure and manufacturers promoting eco-friendly options, there is a surge in the sales of electric cars. Advertising campaigns and tax benefits for electric car owners have further fueled this growth. Experts anticipate that electric and hybrid models could account for 25% of total car sales by the end of 2024.
Despite overall stability, these emerging trends are likely to breathe new life into the American car market and counter any potential recessionary effects. As the market continues to evolve, it will be essential to monitor these developments closely to navigate the changing landscape successfully.
