Edmunds predicts U.S. new car sales will rise next year, driven by pent-up demand because of limited production and tightened inventories as automakers wrestle with supply chain issues and semiconductor shortages.
The online car shopping guide estimates 15.2 million new cars sales in 2022, a 1.2% increase from its 2021 vehicle sales estimate.
"Sales have been depressed since the spring, but consumer appetite for new vehicles continues to run high, which will only build up deferred demand next year and beyond," said Jessica Caldwell, Edmunds' executive director of insights.
Edmunds also said it expects the average transaction price for new vehicles to hit record levels in 2022; a figure that jumped to $45,872 in November from $39,984 in 2020.
The company also predicted U.S. electric vehicle (EV) market will continue to grow and will surpass 600,000 units in 2022. Edmunds noted Ford Motor Co's F-150 Lightning "will be the champion of the segment."
Edmunds also said inventory shortages will boost the used-car market in 2022 as inventory shortages continue to squeeze the new vehicle market.
Data firm IHS Markit echoed Edmunds’ sentiments, predicting that 2022 U.S. new car sales will hit 15.47 million vehicles up from about 15.07 million in 2021.
Originally posted on Auto Dealer Today