The Registrations of petrol vehicles in United States of America attained a value of 13,227,269.07 Units in 2020
The indicator recorded a historical decline (CAGR) of 6.59% between 2017 to 2020, and is expected to grow by...
GlobalData projects the indicator to grow at a CAGR of...
Automotive Industry in the United States of America
The value of the US automotive manufacturing industry is expected to grow in 2021, recovering from the sharp decline in production a year earlier due to the COVID-19 pandemic. The industry is set to follow a strong growth trajectory during the forecast period given that the macroeconomic environment will continue to improve. As far as domestic demand is concerned, growth in the car-sharing market has resulted in fewer Americans purchasing their own private cars.
The US new car market was one of the most severely hit by the global economic recession. US car manufacturers experienced record losses, culminating in General Motors and Chrysler having to file for bankruptcy in 2009. The reemergence of these companies through government support however bodes well for the industry going forwards.
The COVID-19 pandemic's disruption to industrial production impacted the production of metals in early 2020, including steel and aluminum. The automotive industry, a major steel consumer, paused or slowed down production in many countries. Other industries have also been consuming less metals, which has the potential to lead to oversupply and lower prices.
Self-driving technology has seen a lot of investment from many car manufacturers, although fully autonomous cars remain out of reach at present. Many of the world’s leading automotive manufacturers are in a race to create the first fully autonomous car that can be sold to the public. However, tech giants including Apple and Google have now entered the industry and are putting the leading players under pressure. A new company looking to enter this segment would require considerable capital in order to invest in R&D and the manufacture of a vehicle with self-driving technology. Despite considerable investment and a huge amount of effort from established brands such as General Motors, Google’s Waymo, Toyota, and Honda, fully autonomous cars currently remain out of reach.
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