USA Vehicles Sales in October 2023 reach 1.20 million, a 1.9% year-on-year increase and the 15th consecutive monthly growth. YTD figures at 12.83 million are up 13.6% from the previous year.
Market Trend and Outlook
The American vehicles market in October 2023 reported 1.2 million new registrations, the 15th consecutive monthly growth (+23.7%). YTD figures at 12.83 million are up 13.6% compared to the previous year.
Looking at cumulative data up to October 2023 brand-wise, Ford gains leadership with 1.58 million sales (+8.9%), followed by Toyota with 1.55 million new registrations (+9.1%) and Chevrolet in 3rd with 1.44 million units sold (+16.1%).
Honda maintains 4th position with 951,134 sales (+31.0%), in front of Nissan in 5th with 709,983 sales (+25.8%), Kia at 663,855 (+19.5%), Hyundai with 651,263 sales (+12.0%) and Tesla in 8th with 545,791 new registrations (+23.3%).
Jeep falls 4 spots into 9th with 537,112 sales (-8.8%) and Subaru closes the top 10 with 520,992 units sold (+15.9%).
Looking at specific models the Ford F-Series remains the best seller with a 21.1% increase in year-on-year volume, followed by the Chevrolet Silverado up 3.8%.
Medium-Term Market Trend
After the fall reported as consequence of 2008 economic crisis, when then market dropped from near 18 to 10 million annual volumes, since the 2010 the market recovered supported by a quite positive economic cycle.
Starting at 11.5 million in 2010, the American light vehicles market rose for 6 consecutive years, ending 2016 with a peak of 17.6 million sales. From 2017 to 2019 the market bounced around the low 17 million mark.
The arrival of the pandemic in 2020 made many manufacturers and distributors close down, causing a big problem in the automobile industry, with sales in the US falling 13.9% to 14.7 million by the end of the year.
After the issues caused by the pandemic the American light vehicle market started to show signs of recovery in 2021 with sales finishing at 15.3 million, 4.3% higher than the previous year. This recovery didn’t last long, in fact the market fell 8.9% to 13.65 million cumulative sales.
A combination of factors are behind the current industry struggles: the microchips and other components shortage, combined with skyrocketing raw material cost pushed up the new vehicles transaction prices (price effectively paid by the final customer) by over 10% in the last 12 months. In addition most demanded models are in short supply with waiting time tripled since 2020. Transition to electric vehicles is further pushing up the new vehicles average price as the gap between a combustion and electric car is still very significant.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Groups, and top 10 Models.
