If you’re planning on buying a car in the next couple of years, you might be interested in what the auto sales forecast says. Fortunately, you can easily find out. Here’s a quick overview of some of the major car manufacturers, including Ford, Toyota, and Honda. Also, you’ll find out how the sales numbers for these vehicles compare with the rest of the market.
General Motors
The General Motors auto sales forecast for 2023 shows continued growth as GM regains the top sales position from Toyota. This is the first time GM has held the number one spot since 1931.
Sales rose in the fourth quarter as production rebounded. GM’s sales were boosted by pickups and SUVs. But the overall market was hampered by a supply shortage.
In the fourth quarter, GM delivered 623,261 vehicles. That was 41 percent more than the third quarter. Overall, GM sold 2.27 million vehicles in the U.S. Last year, GM reclaimed the title from Toyota.
A full-blown recession would have a profound impact on auto sales. During a recession, lower-income borrowers tend to leave the new vehicle segment. However, during the recent recovery, demand for new cars has remained strong.
Honda
The American Honda Automobile Corporation provided an outlook on the U.S. automobile business for 2023. In the third quarter, the company expects a healthy increase in sales.
American Honda will expand its mobility products, including EVs, in order to move toward an electrified future. Additionally, the company will establish a digital services business unit.
Honda has a full line of vehicles, including the Accord, Civic, HR-V, Ridgeline pickup, and Odyssey minivan. It also offers electrified vehicles, such as the Pilot, CR-V, and Civic hybrid.
However, the auto industry is now in a new era, and the supply and demand of cars and trucks is becoming more challenging. In addition, the possibility of a recession is also driving down demand.
This shift is resulting in a smaller pool of buyers who can afford new cars. Automakers have been reporting record results lately and have talked about cutting incentives and holding back on production.
Ford
The global auto industry is facing several challenges. One of the most notable is the lack of demand. As a result, production volumes are running at a low level. In order to make up for the shortages, automakers have been demanding higher prices for vehicles.
Despite these challenges, the automotive industry is expected to grow by 1 million vehicles in 2023. However, the supply chain is still not in good shape, and many models are still short-stocked. This could lead to price reductions in the future, which will be bad for profits.
In addition to the supply chain issues, the industry is also facing the threat of inflation. According to the Labor Department, the average price paid for a new vehicle increased by more than 20% in November compared with the same month in 2019.
Nevertheless, analysts believe that the global automotive industry will remain stable in mature markets. The world’s largest auto market, China, is expected to see healthy growth in the coming years.
Toyota
For the last 20 years, Toyota Motor Corporation has been the world’s leading automaker by volume. But in the past year, it’s faced a host of problems. The company has had to cut production because of parts shortages. It also has to battle rising prices of raw materials. These are challenges that could persist into the future.
Despite the supply issues, the company has managed to maintain its position as the top automaker. In addition, the company has maintained its top-selling RAV4 compact SUV and the Tacoma pickup. This helped it offset a 16.4% drop in the Lexus luxury line.
Overall, sales in the US were up slightly in the fourth quarter. However, it was a slow year overall. Auto sales were down 9.6% compared with the same period in 2017.
Honda Motor and Toyota reported double-digit drops.
LMC Automotive
LMC Automotive’s auto sales forecast for 2023 is for 85 million vehicle deliveries. This is five million units below what the company was forecasting before Russia’s invasion of Ukraine.
The outlook for North America is sluggish due to supply constraints. However, fleet sales could help boost volumes. In 2023, fleets will account for the majority of light- vehicle sales.
LMC Automotive is a global market intelligence and consulting firm. It has offices in Paris, Oxford, Detroit, and Shanghai. Founded in 1984, the company works with over 500 car makers, component suppliers, and suppliers of automotive components.
The company offers a variety of automotive forecasting services, including OEM, Market & Technology, Powertrain, and Fuel Economy. Its client base includes some of the world’s leading automakers, parts suppliers, and agribusiness companies.
