6 Interesting Statistics about the US Automobile Industry in 2022

The auto industry is massive, and it is only getting bigger. The US automotive market is worth billions, and it is one of the largest manufacturing sectors in the country. It employs millions directly or indirectly and supports around 5% of the nation’s GDP. That is a massive contribution to the country’s GDP.

 

It is fair to say that cars are ingrained into American culture, and perhaps very few other countries have such a love for automobiles as America does. The US auto industry will undergo massive changes over the coming decade. As new technologies emerge, demand for green vehicles increases, autonomous driving becomes commonplace, and more millennials buy their first car. Here are some interesting facts about the industry.

 

1. There are over 1,400 vehicles tested for self-driving.

The US has more than 1,400 vehicles on the road tested for self-driving. There are already over 80 companies conducting the test on the streets with California being the first state to have initiated the process. Technology companies and automakers are closer to manufacturing fully automated vehicles. Currently, cars with more advanced driver assistance features make them almost fully autonomous.

 

2. The market revenue from electric vehicles is estimated at $49.07 billion.

Battery-powered vehicles dominate the markets in the US. In 2022, the market revenue from electric vehicles will expect to reach US$49.07bn. From the Compounded annual growth rate between 2022-2027, the income will project to have a yearly growth rate of 23.17 %, which means that by 2027, the expected market value will be US$139.10bn.

 

3. There has been a 60% rise in electric vehicle registration.

In the first four months of 2022, the US experienced a 60% gain in electric vehicle registrations. According to Experian, a financial data company, this accounts for 4.6% of all the new cars registered in the US. In the first three months, it recorded 158 689 new electric vehicles.

Tesla models, Hyundai, Kiai, Nissan, Ford, and Volkswagen, occupy the top 4 out of 10 spots.

 

4. The automobile market size is worth $ 104.2bn.

The market size of the automobile and car manufacturing industry measured by revenue in 2022 in the US is $104.2bn. In the last five years up to 2022, the automotive industry’s performance has been strong. The principal macroeconomic trends being upward, increased employment, and an attractive stock market that has strengthened the US economy has boosted the growth.

 

5. The automobile industry has over 990,000 employees in manufacturing.

As of June 2022, the number of parts and motor vehicle manufacturing employees was around 990,600. That was an increase from approximately 928,500 at the same time last year. The rise in employees has resulted from a rebounding demand for auto automotive and consumer confidence.

 

6. There are over 284 million vehicles in operation in the US.

There were over 284 million operating vehicles in the US between April and July 2022. Around July 2021 and July 2022, roughly 40 million cars changed owners, while new vehicle registrations were around 13.5 million. Each year an average household in the US spends $ 4,500 on care purchases.