Data Drop: 5 Charts on the State of the US Auto Industry

As Industry Growth Slows, EV Adoption Remains Limited

Report by Zak Stambor  | UPDATED: Sep 30, 2024
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About This Report
Higher borrowing costs cause auto sales growth to slow and electric vehicle adoption to remain limited.
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Automotive
US

While many automakers expected the Inflation Reduction Act’s tax credits for electric vehicles (EVs) to drive a surge in demand, a more incremental shift occurred. Here are five charts that explain why EV sales, along with the broader auto market, have hit several potholes, and why they may face some speed bumps on the road ahead.

It’s gotten harder to buy a new vehicle

Higher interest rates and vehicle costs have made it more challenging to purchase a new car. The number of median weeks of income needed to purchase an average new vehicle in March 2024 was 12.1% higher than its pre-pandemic number in March 2019, per the Cox Automotive/Moody’s Analytics Vehicle Affordability Index.

Weeks of Income Needed for US Consumers to Purchase a New Light Vehicle, March 2012-March 2024
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Charts in This Report

Weeks of Income Needed for US Consumers to Purchase a New Light Vehicle, March 2012-March 2024Likelihood of Purchasing an Electric Vehicle Among US Adults, by Age, June 2023 (% of respondents)
US Electric Car Drivers, 2021-2027 (millions, % change, and % of licensed drivers)

First Published on May 23, 2024

authors

Zak Stambor