Chicago Auto Trade Association - Q2 2024 Chicago Auto Outlook –- Area New Vehicle Market Predicted to Increase 4.5% in 2024

Key Trends in Chicago Area Market

Forecast summary: replacement demand and falling transaction prices will provide some momentum for the new vehicle market for the rest of ‘24, while the negative factors will limit growth.
Area new retail light vehicle registrations are predicted to increase 4.5% for all of this year versus 2023. Stronger sales in the second half of last year will make it more difficult for the market to improve from July through December of this year.
Registrations were 78,000 units in the Second Quarter of 2024, but decreased 5.4% versus 2Q ‘23.
Battery electric vehicles accounted for 8.1% of the market in the Second Quarter of this year, up from 7.7% in the First Quarter, and up versus 2Q ‘23.
Lexus, Buick, Honda, Volkswagen, and Toyota had the largest percentage increases so far this year.

Chicago Automobile Trade Association
18W200 Butterfield Rd.
Oakbrook Terrace, IL 60181
(630) 495-2282

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