2024 U.S. Car Sales Forecast: Steady Growth with Electric Vehicle Market Surge

The car sales growth in the United States for 2024 is projected to be modest. Various sources provide slightly different forecasts, but the general consensus is that the industry will experience slow growth:

  1. S&P Global Mobility anticipates U.S. car sales to reach 15.9 million units in 2024. This represents a 2% increase from the projected 15.5 million units in 2023​.
  2. GlobalData predicts a near 4% rise in U.S. new vehicle sales to 16.1 million units, indicating a more optimistic outlook​.
  3. Edmunds estimates a sale of 15.7 million new cars and trucks, which is approximately a 1% increase from 2023​.
  4. Cox Automotive forecasts a modest 2% growth, aligning with the general view of slow growth in the industry​.
  5. Looking at a specific segment, the Electric Vehicles market in the United States is projected to grow significantly. Between 2023 and 2028, it’s expected to increase by 18.17%, reaching a market volume of US$161.6 billion by 2028​.
  6. The overall US new car sales market is expected to maintain strength but with a slowing pace of growth, estimated at an average annual growth rate of 2.5%​.

These projections suggest that while the U.S. car sales market in 2024 isn’t expected to see explosive growth, it will continue to expand steadily, with particular strength in the electric vehicle segment. The consistency in these growth rates across various forecasts indicates a cautiously optimistic outlook for the industry.