New vehicle registrations in the U.S. during 2013 are expected to increase over 6.6 percent to 15.3 million vehicles according to an early estimate by Polk, the leading global automotive market intelligence firm.
Polk also predicts North American production volumes will increase around 2.4 percent from 2012 due to the improving economy and capacity expansion according to a press release.
Click here to see the full release issued this week.
"Polk expects continued recovery in the industry in 2013 and 2014, a positive sign for the U.S. economy," said Anthony Pratt , director of forecasting for the Americas at Polk in the press release. "The auto sector is likely to continue to be one of the key sectors that lead the U.S. economic recovery, however, we don't expect to realize pre-recession levels in the 17 million vehicles range for many years," he said. "However, our baseline forecast hinges on Washington's ability to draft a budget plan that will avoid $600 billion in spending cuts and tax increases."
Segments to Watch in 2013
Polk has predicted that large pickup trucks will experience a good year in 2013, thanks to the launches of new 2013 and 2014 models by companies like Toyota, Ford, and General Motors. Each company has plans to showcase their new, redesigned vehicles during the next year or so.
Mid-size vehicles will continue to lead in sales accord to Polk. Approximately 18.5 percent of the overall market is mid-size vehicles and Polk feels this number will only grow within the next calendar year.
"Recent redesigns of nearly every vehicle in the mid-size segment are forcing more competition and continued growth," said Tom Libby , lead analyst for North America at Polk said in the press release. "The current array of options for consumers in the market for a new mid-sized vehicle makes it a great time to buy a new car."
Luxury vehicles in the U.S. will be one that people should watch according to Polk, as they predict this segment will increase significantly in 2013. Currently luxury models only account for 2.9 percent of the overall market, but Polk expects this number to rise this year. If gas prices go down, they also feel registration numbers for small luxury crossover models will increase as well.
Related Articles:
Facebook Password Ban Among New State Laws Going Into Effect In 2013
New Year's Day The Most Deadly Time To Drive On U.S. Roads, How To Avoid Accidents
Ford Becomes The Only Brand To Sell 2 Million Vehicles In The U.S. In 2012, Second Year In A Row
MTA Subway Time App Released, Provides Real-Time Information On Subway Arrivals For Six New York Lines, Download Here (VIDEO)
Ford Fusion Energi Plug-In Hybrid Named America's Most Fuel-Efficient Sedan, Rated 108 MPGe City (VIDEO)
See Now: OnePlus 6: How Different Will It Be From OnePlus 5?
