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2022 Auto Sales Analysis and 2023 Sales Forecast

Friday, January 20, 2023 9:00 AM | Anonymous member (Administrator)

The National Automobile Dealers Association (NADA) issued its analysis of 2022 U.S. auto sales and the economy.

2022 ended with new light-vehicle sales reaching 13.7 million units, the lowest full year sales total since 2011. Year-over-year 2022 sales decreased 8.2% compared to 2021 with the decrease primarily attributed to the ongoing semiconductor microchip shortage and additional supply chain disruptions.

In 2022, light-trucks accounted for nearly 80%, 79.4%, of all new vehicles sold, up 1.6% from 2021. Crossovers remained the most popular segment representing 45.2% of all new light-vehicles sold. Alternative fuel vehicles also gained market share with sales of hybrids, plug-in hybrids (PHEVs) and battery electric vehicles (BEVs) accounting for 12.3% of all new vehicles sold, an increase of 2.7% compared to 2021.

Franchised dealerships nearly doubled the number of BEVs they sold in 2022, reaching 259,728 in 2022, an increase of 92.1% compared to 2021. Franchised new-car dealerships captured 35.2% of the total new vehicle BEV market with continued BEV sales growth in 2023 as new models from legacy automakers hit showrooms and more BEV inventory is available.

When contrasting vehicle sales to inventory, inventory levels at the end of December 2022 totaled 1.67 million units, a 49% increase compared to the total 1.12-million-unit inventory at the end of 2021.According to Wards Intelligence, North American light-vehicle production is expected to total 14.2 million units in 2022 with production forecasted to rise to 15.4 million units in 2023 as supply chain issues improve gradually.

Read the full article here: NADA Issues Analysis of 2022 Auto Sales and 2023 Sales Forecast | NADA

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