A market rooted in light trucks and U.S. automakers
Amid the semiconductor shortage, light trucks remain the most popular vehicle type in the country. U.S. light truck sales amounted to under 11.6 million units in 2021, rebounding by around five percent compared to 2020. Meanwhile, the number of cars sold in the U.S. has been decreasing from a staggering 11.4 million units in 1973 to a little over 3.3 million units in 2021, as U.S. consumer demand has been shifting to larger vehicles over the past few decades.
General Motors, Chrysler LLC, and Ford Motor are the key American automakers, although Chrysler LLC is a fully-owned subsidiary of the Europe-based Stellantis. In addition to these carmakers, Tesla's market share is rising due to the increasing acceptance of electric vehicles. General Motors is the vehicle manufacturer with the highest market share, followed by Toyota and Ford.
War and profitability challenge the industry
Fuel prices in the U.S. have been increasing throughout the pandemic as well as during Russia's invasion of Ukraine, with diesel prices soaring over five U.S. dollars per gallon by March 10, 2022. The U.S. has increased its national petrol production through hydraulic fracking to ease dependence on Russian crude oil exports; however, market uncertainty has led to inflation despite the U.S.'s increased self-reliance.
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Research Expert covering transportation and logistics