U.S. Light Vehicle Sales Rise in December; Highest Level Since May ’21
Summary
- Light truck sales highest since Apr. ’21; imported light truck sales at a record high.
- Auto sales highest since Apr. ’23.
- Domestic & import sales both increase.
- Imports' market share rebounds to 24.7%, the highest since Nov. ’23.
U.S. light vehicle sales rose 3.1% m/m (7.2% y/y) to 17.19 million units (SAAR) in December after a 3.0% increase to 16.67 million in November, according to Autodata Corporation. The December reading was the fourth consecutive m/m rise and the highest sales level since May 2021. The rise in December vehicle sales accompanied 2.6% y/y growth in real disposable income in November which compared to 4.8% growth in November 2023. During all of 2024, vehicle sales totaled 15.97 million units, up from 15.62 million in 2023 and 13.88 million in 2022.
Sales of light trucks rose 3.0% (8.9% y/y) to 13.86 million units (SAAR) in December, the highest level since April 2021, on top of a 3.7% gain in November. Purchases of domestically-made light trucks rose 1.5% (8.4% y/y) to 10.43 million units, also the highest level since April 2021, following a 3.9% November rise. Sales of imported light trucks advanced 7.5% (10.3% y/y) to 3.43 million units, the highest level on record, after a 2.6% November increase.
Trucks’ 80.6% share of the light vehicle market in December compared to 80.7% in November and 79.4% in December 2023. The share was 80.3% during all of 2024, up from 79.3% in 2023 and 78.7% in 2022.
Auto sales rose 3.7% (0.6% y/y) to 3.33 million units (SAAR) in December, the highest level since April 2023, after a 0.9% increase in November. Auto sales had been moving sideways since early-2023. Purchases of domestically-produced cars rose 2.1% (4.3% y/y) in December to 2.41 million units, also the highest level since April 2023, after a 0.9% rise in November. Sales of imported autos jumped 8.2% (-7.1% y/y) to 0.92 million units, the highest since March 2024, following a 1.2% November rebound.
Imports' share of the U.S. light vehicle market increased to 24.7% in December after easing to 23.7% in November, registering the highest since its recent high of 25.1% in November 2023 and above a low of 21.7% in May 2023. Imports' share of the passenger car market rose to 27.6% in December, the highest since April 2024, from 26.5% in November. It reached a high of 38.7% in September 2021. Imports' share of the light truck market increased to 24.7% in December, the highest since November 2023, from 23.7% in November.
U.S. vehicle sales figures can be found in Haver's USECON database. Additional detail by manufacturer is in the INDUSTRY database.
Winnie Tapasanun
AuthorMore in Author Profile »Winnie Tapasanun has been working for Haver Analytics since 2013. She has 20+ years of working in the financial services industry. As Vice President and Economic Analyst at Globicus International, Inc., a New York-based company specializing in macroeconomics and financial markets, Winnie oversaw the company’s business operations, managed financial and economic data, and wrote daily reports on macroeconomics and financial markets. Prior to working at Globicus, she was Investment Promotion Officer at the New York Office of the Thailand Board of Investment (BOI) where she wrote monthly reports on the U.S. economic outlook, wrote reports on the outlook of key U.S. industries, and assisted investors on doing business and investment in Thailand. Prior to joining the BOI, she was Adjunct Professor teaching International Political Economy/International Relations at the City College of New York. Prior to her teaching experience at the CCNY, Winnie successfully completed internships at the United Nations. Winnie holds an MA Degree from Long Island University, New York. She also did graduate studies at Columbia University in the City of New York and doctoral requirements at the Graduate Center of the City University of New York. Her areas of specialization are international political economy, macroeconomics, financial markets, political economy, international relations, and business development/business strategy. Her regional specialization includes, but not limited to, Southeast Asia and East Asia. Winnie is bilingual in English and Thai with competency in French. She loves to travel (~30 countries) to better understand each country’s unique economy, fascinating culture and people as well as the global economy as a whole.
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