vehicle sales in 2009 were 10.4 million, the lowest level in 27 years,
and 21.2 percent lower than 2008, however things are looking up
according to R. L. Polk & Co.
Polk predicts the light vehicle market will be 11.5 million units in
2010, according to its most recent U.S. light vehicle forecast.
"We believe wealth accumulation and improving consumer confidence added
to GDP growth in the fourth quarter of 2009 and we see slow but steady
GDP growth in 2010," said Dave Goebel, North American forecast
consultant for Polk. Polk’s forecast for real GDP U.S. growth in 2010
is 2.9 percent.
Polk’s analysis indicates that the U.S. economy is in a recovery;
however, risks to the pace of economic growth remain. As government
stimulus programs end, consumers must have confidence to continue
spending and businesses need to invest and hire, otherwise the economic
recovery could slow in 2010.
"We are encouraged by a light vehicle industry SAAR above 10 million
for three consecutive months and record low inventories at dealerships.
While industry levels remain far below their normal levels, there seems
to be some momentum out there," said Goebel.
To download Polk’s U.S. Light Vehicle Forecast Report, please visit: http://www.polk.com/forecast/fc02/