U.S. Car Sales: A Look at the Numbers
The U.S. auto industry saw nearly three million cars sold in 2024. In the same year, total car and light truck sales in the United States reached around 15.9 million units. The peak year for U.S. vehicle sales was 2016, with approximately 17.5 million units sold.
The Pandemic’s Impact
The COVID-19 pandemic significantly affected the U.S. automotive market. The global automotive semiconductor shortage accelerated, and demand initially dropped in early 2020. However, new vehicle supply couldn’t keep pace as demand recovered. This led to the U.S. inventory-to-sales ratio hitting its lowest point in February 2022, coinciding with gasoline price hikes due to Russia’s war on Ukraine.
Inflation also affected both new and used car prices, making the market difficult for many U.S. consumers, as car stocks decreased.
Fuel Efficiency and Shifting Preferences
The U.S. auto industry faced a tough year in 1982, when customers were already feeling the effects of the 1973 oil crisis and the 1979 energy crisis. Cars made up about 77% of light vehicle sales, as light trucks were often seen as being less fuel-efficient. This changed by 2020 thanks to improvements in fuel economy for light trucks and lower gas prices.
In 2020, the price of Brent oil fell to just over $40 per barrel. This drop happened alongside decreases in gasoline prices, which were about $2.17 per gallon in 2020, and cars accounted for less than a quarter of light vehicle sales that year.
Four years later, prices are dropping again after being the highest since 1990 in 2022.
