Automotive consulting firm AutoPacific’s recently released forecast of U.S. light vehicle sales predicts 2022 will reach a total of 16.2 million vehicles sold. This is up from the 15.1 million units actually sold in 2021 during the second year of the ongoing COVID-19 pandemic that continues to cause havoc on the global supply chain and results in drastically short supplies of new vehicles available to consumers
Moving forward into a new year, AutoPacific expects over a 1 million unit increase over 2021, as chip supply gradually returns and new vehicle inventory starts to fill up again, especially during the second half of 2022. “Consumers have money to spend on new vehicles,” says Ed Kim, AutoPacific President and Chief Analyst, “but with such low supply last year and the start of this year, there is pent-up demand.”
2023 will see a return to 17+ million unit volumes, followed by a mild cooling off period over the next couple of years as pent-up demand gets filled, though volumes are expected to stay above 17 million units.