US Auto Sales Hitting Streak – 20 Months of Growth in March

Ken Zino of AutoInformed.com on US Auto Sales Hitting Streak – 20 Months of Growth in March

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US Light Vehicle (LV) sales grew 5.5% year-on-year (YoY) in March to 1.44 million units, according to an analysis just released by the respected GlobalData consultancy.* This means that under the Biden Administration the economy had another month of YoY growth – a streak that now extends to 20 consecutive months. The daily selling rate was estimated at 53,200 units/day in March, compared to 49,900 units/day in February.

“March had a number of potential curveballs, including several OEMs looking to hit targets at the end of their financial year, steep discounting on certain models – particularly Electric Vehicles (EVs) – and pent-up demand from the fleet segment. In the end, sales were decent, but could have been even better. We are continuing to see signs that the segments that are performing well are generally those at the more affordable end of the spectrum, while costlier models are starting to see an easing in demand,” said David Oakley, Manager, Americas Sales Forecasts at GlobalData.

March did not see a return to pre-pandemic levels, or even the atypically strong result that was seen in March 2021, but volumes easily beat those for the same month in 2022and 2023. According to initial estimates, retail sales totaled 1.15 million units in March, while fleet sales accounted for ~292,000 units, representing ~20.3% of total sales.

March 2024 at a Glance

  • General Motors (GM) topped the sales rankings in March, beating Toyota Group by ~11,000 units. The two automakers have alternately held the top spot for the past few months. This was the first time that GM had led the market for two consecutive months since August and September of 2023.
  • Having slipped just behind Ford in February by a slim margin, Toyota was the best-selling brand in March with184,000 units, compared to 165,000 units for Ford. Chevrolet was the third most popular brand with 145,000 units. The Toyota RAV4 was once again the number one model in March, a position it has occupied for six straight months, with the compact SUV selling 45,000 units. The Tesla Model Y is thought to have claimed second place at 41,000 units.
  • The Ford F-150 did not place in the top five models.
  • The Compact Non-Premium SUV segment continued its strong run of results in March with a 22.8% market share, matching the February outcome
  • The Midsize Non-Premium SUV segment also saw a steady market share at 16.0%,
  • The Large Pickup segment posted another disappointing month as its share fell to 11.9%, the lowest since May 2016.

Global Forecast

The global LV selling rate increased to 84.7million in February, up from 81.5 million in January. Although sales volume declined by 2.7% on a YoY basis, dropping to 6.1 million units. The pullback was heavily influenced by a 27% YoY decline in China, which can be largely attributed to the timing of Lunar New Year celebrations. Western Europe rebounded posting growth of 10.8% with improved vehicle availability. The GlobalData forecast for 2024 projects total LV sales at 89.2 million units (adjusted for China exports), a 3.1% increase and a slight upward revision from the forecast last month. “A large proportion of the easy gains have now been achieved due to improved inventory levels, enabling pent-up demand to be met,” GlobalData said.

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*GlobalData

GlobalData says that “4000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.” J.D. Power is also part of GlobalData. Inquiries at: customersuccess.automotive@globaldata.com.

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