Find stats on top websites
Industry Landscape
The US automotive industry is currently experiencing a dynamic period, driven by consumer demand for new technologies like EVs and ADAS. Supply chain issues, semiconductor shortages, and rising interest rates have impacted production and sales. Dealerships are adapting to online sales models and personalized customer experiences. The shift towards sustainable mobility continues to redefine the market.
Total Assets Under Management (AUM)
New Vehicle Sales Volume in United States
~Approximately 15.6 million units (2023 estimate)
(12.6% CAGR)
- Driven by improving supply chains and stable demand.
- Hybrid and EV sales are increasing market share.
- Challenges remain from high interest rates and economic uncertainty.
Total Addressable Market
1.5 trillion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Advanced Driver-Assistance Systems (ADAS)
ADAS technologies like adaptive cruise control, lane-keeping assist, and automatic emergency braking are becoming standard, enhancing vehicle safety and potentially redefining accident liability.
Electrification (EVs and Hybrids)
The rapid shift towards electric and hybrid vehicles is transforming vehicle manufacturing, maintenance needs, and charging infrastructure requirements.
Digital Retailing & Personalization
Online car sales platforms, virtual showrooms, and AI-driven personalized customer experiences are revolutionizing how vehicles are bought and sold.
Impactful Policy Frameworks
Inflation Reduction Act (IRA) of 2022 - Clean Vehicle Tax Credits
The Inflation Reduction Act (IRA) of 2022 includes tax credits up to $7,500 for new clean vehicles and up to $4,000 for used clean vehicles, with strict requirements on battery component sourcing and critical minerals, and manufacturer suggested retail price (MSRP) limits.
This policy directly impacts consumer purchasing decisions for EVs and plug-in hybrids, affecting Towne Auto's sales inventory and marketing strategies for eligible vehicles.
EPA's Multi-Pollutant Emissions Standards for Model Years 2027 and Later Light-Duty and Medium-Duty Vehicles (2024)
The EPA's proposed emissions standards aim to significantly reduce greenhouse gas and other harmful emissions from new light-duty and medium-duty vehicles starting with model year 2027, effectively pushing for increased EV adoption.
These regulations will accelerate the industry's transition to EVs, requiring Towne Auto to expand its EV inventory, service capabilities, and potentially impact demand for traditional internal combustion engine vehicles.
NHTSA's Proposed Rule: Automatic Emergency Braking (AEB) Systems (2023)
The National Highway Traffic Safety Administration (NHTSA) proposed a new Federal Motor Vehicle Safety Standard (FMVSS) to require Automatic Emergency Braking (AEB) systems, including pedestrian AEB, on all new passenger cars and light trucks.
This mandate will standardize advanced safety features across new vehicles, potentially increasing vehicle costs and requiring technicians at Towne Auto to be proficient in diagnosing and repairing complex ADAS systems.
Transform Your Ideas into Action in Minutes with WaxWing
Sign up now and unleash the power of AI for your business growth
