855.587.2886 help@caredge.com
Ray Shefska pointing

Find the perfect car for you!

Select a car to get started.

Q1 2023 New Car Sales on the Road to Recovery

Last updated Apr 24, 2023

As we navigate the new year, the automotive industry is showing signs of recovery, with new car sales expected to lift slightly in Q1 2023. In a recent press release, automotive research firm Edmunds shared its predictions for the industry, highlighting the potential for growth in sales volume. We’ll dive into the key findings from the press release, and summarize the standout data to provide a clear outlook on what’s in store for the car market.

New Car Sales in 2023: Edmunds’ Predictions

According to Edmunds, new vehicle sales in the first quarter of 2023 are expected to reach approximately 3.9 million units, a 0.6% increase compared to Q1 2022. This growth is an encouraging sign for the automotive industry, which has faced numerous challenges over the past couple of years, including supply chain disruptions, inventory shortages, and fluctuating consumer demand.

New Vehicle Sales by Segment

2023 new car sales show steady popularity for SUVs and crossovers
2023 new car sales show steady popularity for SUVs and crossovers

Edmunds’ predictions also shed light on the performance of various vehicle segments in Q1 2023. SUVs and trucks continue to dominate the market, with the SUV segment expected to account for 54.5% of new vehicle sales. Trucks follow closely, comprising 21.7% of the market share, while passenger cars trail behind at 23.8%. This trend highlights the ongoing consumer preference for SUVs and trucks, which offer more space, versatility, and capabilities compared to traditional passenger cars.

Back in 2021, SUVs held 52.5% of U.S. market share, trucks were 23.4%, and sedans were 24.1% of total light-duty sales. As we can see, vehicle sales by segment are holding relatively steady following the rapid rise of crossover SUVs in the past decade.

New Car Market Share by Manufacturer

Edmunds also provides a breakdown of market share by manufacturer, with the top three spots held by General Motors (16.6%), Toyota (14.3%), and Ford (13.5%). These industry giants continue to lead the pack, benefiting from strong brand recognition, diverse vehicle lineups, and loyal customer bases. It’s important to note that these figures could still fluctuate, depending on factors such as production capabilities, consumer demand, and inventory availability.

In Summary: Q1 2023 New Vehicle Sales Predictions

Total Q1 2023 Sales: 3.9 million units (0.6% increase from Q1 2022)

SUVs: 54.5% market share

Trucks: 21.7% market share

Passenger Cars: 23.8% market share

General Motors: 16.6% market share

Toyota: 14.3% market share

Ford: 13.5% market share

The Q1 2023 new vehicle sales predictions from Edmunds paint an optimistic picture for the automotive industry, as sales are expected to lift slightly compared to the previous year. The data also highlights the ongoing dominance of SUVs and trucks in the market, as well as the strong positions held by major manufacturers like General Motors, Toyota, and Ford. As we move further into 2023, it will be interesting to see how these predictions pan out and whether the industry continues on its road to recovery.

As always, CarEdge will keep you updated on the latest trends and insights in the automotive world, helping you make informed decisions on your car-buying journey. Check out the different ways we can help you buy your next car for less. We’re real people helping drivers save real money! The proof is in the pudding: these success stories show how much the CarEdge Community saves every day.

COVERAGE YOU CAN TRUST

CarEdge Extended Warranty

Peace of mind without the markup.
Flexible terms & pricing.
Coverage details

 

Email newsletter

Get instant access to members-only resources.

We'll email you updates
Or, we can text you
Hidden
Subscribe to receive:

Best Seller

Do it yourself

CarEdge Data

$9.99 monthly subscription

Unlock now
Pay a fair price with insights and data to make informed car buying & selling decisions.
Market Insights

CarEdge Fair Price

10 CarEdge Reports monthly

20% off additional reports

Black Book Valuations

Learn More

Help as you need it

CarEdge Consult

Sold out

Schedule now
Connect with an industry expert at your convenience.

Personalized 1:1 guidance via video or phone call
Expert help in selecting a vehicle and negotiating the fair price
Assistance with trade-in, financing, leasing, insurance, and warranties
Empowering you to make informed decisions effortlessly

Learn More

We do it with you

CarEdge Coach

$99 monthly subscription

Buy now
Get guidance and maximize your savings with an industry expert in your pocket.
Car Coach Live Chat

Discounted consult calls

Deal School

CarEdge Fair Price

Market Insights

9 CarEdge Reports monthly

20% off additional reports

Black Book Valuations

Learn More

Auto insights. Right in your inbox.

We'll email you updates
Or, we can text you
Hidden
Subscribe to receive:

Get the latest trends and money-saving strategies, once a week.

We'll email you updates
Or, we can text you
Hidden
Subscribe to receive:

Related articles

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Share This