Filed Under:Markets, Personal Lines

Analyst: U.S. Auto Boom Already Over

(AP Photo)
(AP Photo)

Is the return of the U.S. auto boom already over? According to an analyst at the University of Michigan’s Transportation Research institute, it seems so.

In a recently released report titled “Households Without a Light-duty Vehicle,” Michael Sivak writes that the decrease in households with vehicles in the last few years supports the hypothesis that motorization in the U.S. peaked during the previous decade, according to a story in USA Today.

While other analysts agree there's a slump in vehicle ownership, they are less likely to see this as an anti-car shift and more as the fallout from the Great Recession, the story notes.

According to a report from Experian Automotive cited in the story, the number of vehicles on the road in mid-2013 was 247.9 million, the highest since 2008. Experian said that slipped slightly to 246.9 million the third quarter of last year, but that still was up from the same quarter a year earlier.

Lacey Plache, chief economist at Edmunds.com, says the number of vehicles on the road will continue to grow, especially as auto owners who nursed old vehicles through the Recession will purchase new vehicles in the coming years.

Read more from James R. Healey at USA Today.

Featured Video

Most Recent Videos

Video Library ››

Top Story

7 tips for a more effective insurance claim

Involving the insurance broker in the claim can help policyholders better navigate the process.

Top Story

6 behaviors that could spawn a sexual harassment lawsuit

Sexual harassment scandals loom large among the events that shaped 2017.

More Resources

Comments

eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.