The 2020 Edmunds Automotive Trends Report projects that 17.1 million new vehicles will be sold this year, continuing the trend of more than 17 million units sold each year since 2015.
"The auto industry has some decent tailwinds heading into 2020," Edmunds Executive Director of Industry Insights Jessica Caldwell said in a press release. "Strong economic factors such as low unemployment and high consumer confidence are carrying over from last year; finance rates are expected to remain relatively stable; and this is a presidential election year, which historically tends to correspond with a year-over-year lift in new vehicle sales."
However, there may also be some headwinds, such as lower projected fleet sales and rising new vehicle prices.
In the report, Edmunds experts also forecasted that hybrid auto sales will increase by 18 percent this year; market share for passenger vehicles will drop to 24 percent; sold certified pre-owned vehicles will hit 2.81 million; trucks are on the rise as a popular alternative option to SUVs, with crew cabs representing 80 percent of all truck sales.
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