U.S.: Passenger Car Market 2024

Passenger Car Market Size in the U.S.

The U.S. passenger car market rose slightly to $X in 2021, growing by 2.5% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Passenger Car Production in the U.S.

In value terms, passenger car production rose notably to $X in 2021. Over the period under review, production saw a mild expansion. The pace of growth appeared the most rapid in 2013 with an increase of 15% against the previous year. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Passenger Car Exports

Exports from the U.S.

In 2021, approx. X units of passenger cars were exported from the United States; with an increase of 16% against 2020. In general, exports, however, continue to indicate a slight contraction. The exports peaked at X units in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, passenger car exports skyrocketed to $X in 2021. Overall, exports showed a relatively flat trend pattern. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Canada (X units) was the main destination for passenger car exports from the United States, with a 21% share of total exports. Moreover, passenger car exports to Canada exceeded the volume sent to the second major destination, Germany (X units), threefold. China (X units) ranked third in terms of total exports with a 6.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Canada stood at -3.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-0.5% per year) and China (-2.4% per year).

In value terms, the largest markets for passenger car exported from the United States were Canada ($X), Germany ($X) and China ($X), with a combined 52% share of total exports. South Korea, Belgium, Mexico, the United Arab Emirates, Saudi Arabia, Australia, Nigeria, Ukraine, the Dominican Republic and Georgia lagged somewhat behind, together accounting for a further 29%.

In terms of the main countries of destination, Belgium, with a CAGR of +45.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, with an increase of 2.3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. The growth pace was the most rapid in 2014 an increase of 8%. Over the period under review, the average export prices reached the peak figure in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Georgia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+6.2%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into the U.S.

In 2021, purchases abroad of passenger cars decreased by -5% to X units, falling for the fourth year in a row after six years of growth. Over the period under review, imports recorded a mild decline. The pace of growth was the most pronounced in 2015 with an increase of 9.6% against the previous year. Over the period under review, imports attained the maximum at X units in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, passenger car imports rose modestly to $X in 2021. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 8.2%. Imports peaked at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

Mexico (X units), Japan (X units) and Canada (X units) were the main suppliers of passenger car imports to the United States, with a combined 62% share of total imports. These countries were followed by South Korea, China, Germany and the UK, which together accounted for a further 28%.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +31.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Mexico ($X) and Canada ($X) were the largest passenger car suppliers to the United States, together accounting for 60% of total imports. These countries were followed by South Korea, Germany, the UK and China, which together accounted for a further 28%.

In terms of the main suppliers, China, with a CAGR of +37.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average passenger car import price amounted to $X per unit, rising by 7.5% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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