The US new car market had a value of $219 billion in 2005, an increase of 3.2% on 2006, while the trucks market was worth $280 billion, little changed from 2005. Both markets had seen declines in revenue in 2003. Market volumes in this year were 7.8 million cars and 9.3 million trucks. 2006 saw SUVs, hitherto a major segment of the market, waning in popularity with US customers. These vehicles offer significantly lower miles per gallon than more traditional passenger cars, which historically high gasoline prices translate into high running costs. Hybrids, which promise greater fuel efficiency through the combination of internal combustion engine and electric motor, form a small but growing market segment. (Read more..)
Source: DataMonitor via Reuters
