Market Trends – Model Year 2021
COVID-19 had a major impact on the light-duty vehicle market in 2020, consistent with trends seen throughout the economy. Business closures and the subsequent rise in unemployment caused vehicle sales to drop as consumers reduced their spending. Car and truck sales for 2020 are expected to total just 14.3 million units, down 16% compared to 2019, making 2020 the year with the lowest sales volume since 2012.
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