The U.S. automotive market could recover faster than many had foreseen, analysts from IHS forecast Wednesday, with volumes likely to surge past the 17 million mark by mid-decade.
A variety of factors, ranging from immigration to an upturn in the economy will likely push the recovery, noted senior analyst Michael Robinet. But there are some factors that could restrain the market, as well, including the likely rise in vehicle prices.
Not everyone echoes the optimistic IHS forecast, however, and some industry leaders are planning for a significantly lower peak during the current economic cycle.
November’s sales numbers are doing a lot to buoy industry optimism. The month saw volumes surge to their highest level of the year, an annualized rate of 12.2 million vehicles – with only Toyota among all the major makers posting a decline.