DIAMOND CAR, Calif.—Light trucks are expected to account for more than 82 percent of new consumer vehicle sales by 2028, up from 69 percent in 2018, according to a new research from the Specialty Equipment Market Association.
The growth in light truck sales is driven primarily by the popularity and growth of CUVs, SEMA said in its new study, "2021 Vehicle Landscape Report." By 2028, CUVs are expected to make up about half of all new light vehicles sold.
"There are over 281 million passenger vehicles on the road in the United States," SEMA Director of Market Research Gavin Knapp said. "That's a lot of opportunity to install aftermarket parts."
The 92-page report provides a comprehensive overview of vehicle sales and opportunities for the aftermarket, the Diamond Bar-based trade group said.
Designed to help SEMA members make informed business decisions, the report is filled with data on driving metrics, detailed analyses of different vehicle segments, and forecasts for future sales by powertrain and segment.
Other key findings from the report include:
- Passenger cars aren't going away; There are still 114.8 million passenger cars in operation and it will take a while for these vehicles to cycle out of operation.
- Electric vehicles are expected to make up 7 percent of new light vehicle sales by 2025.
- New vehicle sales dipped in 2020, but are expected to bounce back to pre-pandemic levels within the next two to three years.
The 2021 Vehicle Landscape Report is available for free here.