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.

Top Story

Take a look at the damage that Hurricane Gonzalo left behind in Bermuda

Hurricane Gonzalo ended up weaker than expected when it hit Bermuda last week, but damage on the island was still widespread.

CE & Training

One Low Price for Complete Access to All Courses

Choose from National Underwriter's complete library of courses available in your state to get the credits you need quickly and affordably. Take advantage of the Open Pass Package for only $49. Click here to start your training today!

More Resources

Comments

eNewsletter Sign Up

Personal Lines Pro eNewsletter

Critical insights into the personal auto, homeowners, and other consumer insurance markets to help P&C professionals stay informed – FREE! Sign Up Now!

Mobile Phone
         
Close

Advertisement. Closing in 15 seconds.