Global| Feb 02 2021U.S. Light Vehicle Sales Edge Higher During January
by:Tom Moeller
|in:Economy in Brief
Summary
• Sales of light trucks lead the improvement. • Domestic passenger car sales falter. • Imports' share of vehicle market improves. Light vehicle sales improved last month. The Autodata Corporation reported that sales of light vehicles [...]
• Sales of light trucks lead the improvement.
• Domestic passenger car sales falter.
• Imports' share of vehicle market improves.
Light vehicle sales improved last month. The Autodata Corporation reported that sales of light vehicles rose 2.6% during January (-1.3% y/y) to 16.83 million units (SAAR) and added to December's 3.1% rise to 16.41 million units. It was the highest level of sales since February of last year.
Sales of light trucks increased 3.0% (3.3% y/y) during January to a record 12.95 million units. Purchases of domestically-made light trucks increased 2.6% (2.0% y/y) to 10.16 million units following a 7.4% December gain. Adding to this rise, sales of imported light trucks rose 4.5% (8.6% y/y) to a record 2.79 million units after falling 2.9% during December. Imported trucks 21.5% share of the U.S. light truck market was increased from a low of 14.7% during all of 2014.
Trucks' share of the light vehicle market improved to 76.9%, but still was below the 77.5% peak during May of last year.
Auto sales rose 1.0% (-14.2% y/y) last month to 3.88 million units, but they remained below the 2014 peak of 7.71 million units. Purchases of domestically-produced cars fell 1.9% (-19.9% y/y) to 2.65 million units after declining 4.6% in December. Offsetting this decline, sales of imported autos strengthened 7.9% (1.7% y/y) to 1.23 million, the highest level since February.
Imports' share of the U.S. vehicle market edged higher last month to 23.9%. That placed them up from 22.2% in January 2020 and a low of 19.9% during all of 2015. Imports' share of the passenger car market strengthened to 31.7% in January, the highest level since June. Imports' share of the light truck market was little-changed m/m at 21.5%. It has been trending upward from 14.7% in 2014.
U.S. vehicle sales figures can be found in Haver's USECON database. Additional detail by manufacturer is in the INDUSTRY database.
An Overview of the Economic Outlook: 2021 to 2031 from the Congressional Budget Office can be found here.
| Light Weight Vehicle Sales (SAAR, Million Units) | Jan | Dec | Nov | Jan Y/Y % | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Total | 16.83 | 16.41 | 15.91 | -1.3 | 14.55 | 17.06 | 17.32 |
| Autos | 3.88 | 3.84 | 3.93 | -14.2 | 3.54 | 4.82 | 5.40 |
| Domestic | 2.65 | 2.70 | 2.83 | -19.9 | 2.53 | 3.53 | 4.05 |
| Imported | 1.23 | 1.14 | 1.10 | 1.7 | 1.01 | 1.29 | 1.36 |
| Light Trucks | 12.95 | 12.57 | 11.98 | 3.3 | 11.01 | 12.24 | 11.92 |
| Domestic | 10.16 | 9.90 | 9.22 | 2.0 | 8.62 | 9.70 | 9.44 |
| Imported | 2.79 | 2.67 | 2.75 | 8.6 | 2.39 | 2.54 | 2.48 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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