All data points to 2015 becoming a very successful passenger vehicle selling year.
TrueCar, Inc. revealed it expects a healthy U.S. auto industry in 2015 with sales of new cars and trucks rising at least 2.6 percent to 17 million units, the highest level since 2005.
“We see a convergence of favorable economic circumstances pushing auto demand up to pre-recession levels, including continued gains in the job market, the best consumer sentiment in eight years and low fuel prices,” said John Krafcik, president of TrueCar. “This year has been remarkable in terms of growth and revenue coming from big gains in pickup, utility and luxury vehicle sales. We think 2015 will be even better.”
Total market sales, including new and used, should rise 3.4 percent to 55.4 million units over about 54 million in 2014, continued TrueCar. This translates into $1.2 trillion of revenue based on average transaction prices, which is a 5.5 percent annual increase.
New vehicle revenue, based on transaction prices, is projected to reach $553 billion next year, a 5 percent increase over the $526 billion generated from an estimated 16.5 million new vehicle sales in 2014, according to TrueCar.
The average transaction price (ATP) of new vehicles in 2015 is expected by TrueCar to rise 2.4 percent to a record $32,589, based on the company’s own data. The used vehicle ATP should increase 2.1 percent to $16,678 next year. Used vehicle volume will grow 3.8 percent to 38.4 million units, up from 37 million in 2014.
TrueCar added it believes luxury auto sales will lead growth with a 9.8 percent segment increase, which should rise to $116.7 billion in 2015 over $106.3 billion in 2014. Non-luxury utility vehicles are projected to rise 5 percent to $192.1 billion, and pickups should reach $95.7 billion, up 4.5 percent.
“Ford’s redesigned F-Series pickups, Mazda’s CX-3 crossover as well as the Mercedes GLA luxury crossover should be standout models in their respective segments next year,” Krafcik said. “Mass-market cars, pickups, utility vehicles and premium autos—the four `Super Segments’ TrueCar identified previously––will grow next year, though cars will cede market share as more consumers move to utilities and luxury.”
Unfortunately, TrueCar did not get into predictions about the size of electric vehicle and PHEV sales.