Report: Over 17M Cars to be Sold in 2020
Jan. 20, 2020—This year is looking to be another period of historically high new vehicle sales for the automotive industry, accord to a report from Edmunds.
As part of the Edmunds 2020 Automotive Industry Trends Report, analysts forecast that a total of 17.1 million new vehicles will be sold in 2020. However, rising prices presents some roadblocks for the automotive industry, per the report.
"Prices are shooting up because shoppers are opting for pricey SUVs and trucks packed with more high-tech options than ever before," said Jessica Caldwell, executive director of industry insights at Edmunds. "These increased costs, combined with the discontinuation of more affordable options like domestic passenger cars, could prompt shoppers to shift their focus to the used market — or delay their purchase altogether."
The report also forecasts that trucks are growing increasingly popular as an alternative to SUVs. The ongoing expansion of "lifestyle trucks" is expected to push the crew-cab segment to new record highs: Edmunds analysts predict that crew cabs will make up 80 percent of all truck sales in 2020.