Auto sales in the United States are growing faster than expected, buoyed by surging consumer confidence and cheap financing, according to consultant IHS Automotive said. US auto sales are expected to hit 16.4 million this year and 17.4 million in 2017, up from Last year, Americans purchased 15.6 million cars and light truck in 2013.
Henner Lehne, IHS senior director of global light-vehicle forecasting, remarked that the “recovery's positive spirit” have prompted customers to make big-ticket purchases. He also noted the improving housing market that has boosted demand for light vehicles as well as a good business climate and good credit availability.
Customers are also attracted by low interest rates, moderate fuel prices and new connected models powered by fuel-saving engines – prompting carmakers to increase production at their plants.
In fact, carmakers built 13 percent more cars and light trucks in the US in July to a 12.85-million annual growth, data from the Federal Reserve show. Lehne said IHS expects global auto sales to surge 2.9 percent this year to 85.7 million – as driven by growth in China of around 1.9 million for light vehicle sales to 23.3 million units this year.