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New Vehicle Market Predicted to Trend Higher During Next Two Years

Friday, November 10, 2023 9:00 AM | Anonymous member (Administrator)

Forecast summary: pent-up demand will provide momentum for the new vehicle market over the next 15 months, while the negative factors will place a ceiling on how high sales can go.

  • Area new retail light vehicle registrations are predicted to increase 9.0% this year and 5.3% in 2024.
  • Registrations approached 80,000 units in the Third Quarter of this year and increased 8.5% versus depressed year-earlier levels.
  • Battery electric vehicles accounted for 8.5% of the market in the first nine months of this year, up from 5.4% last year. BEV share increased from the Second to the Third Quarter of 2023
  • Rivian, Buick, Tesla, Acura, and Land Rover had the largest percentage increases so far this year.

Read all about it and much, much more in the CATA's 2023 Q3 Auto Outlook.

Chicago Automobile Trade Association
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