352,616 403,087 342,926 360,600 2020 Actual 2021 Actual 2022 Actual 2023 Forecast Covering data thru June, 2023 Released July 2023 Georgia Auto Outlook Comprehensive information on the Georgia new vehicle market TM Market Summary Domestics consist of vehicles sold by GM, Ford, Stellantis (excluding Alfa Romeo and FIAT), Tesla, Rivian, and Lucid. Data sourced from Experian Automotive. The graph above shows annual new retail light vehicle registrations from 2020 through 2022 and Auto Outlook’s projection for 2023. Historical data sourced from Experian Automotive. DOWN 5.5% vs. ‘19 UP 14.3% vs. ‘20 DOWN 14.9% vs. ‘21 UP 5.2% vs. ‘22 YTD '22 YTD '23 % Chg. Mkt. Share June June '22 to '23 YTD '23 TOTAL 174,831 171,493 -1.9% Car 41,222 39,356 -4.5% 22.9% Light Truck 133,609 132,137 -1.1% 77.1% Domestic 66,861 66,207 -1.0% 38.6% European 18,072 17,239 -4.6% 10.1% Japanese 68,101 63,873 -6.2% 37.2% Korean 21,797 24,174 10.9% 14.1% Forecast for State New Retail Light Vehicle Registrations NEW VEHICLE MARKET FORECAST State Market Predicted to Move Higher in 2023 and 2024 Below is a list of 10 key trends and developments in the Georgia new vehicle market: 1. State new retail light vehicle registrations declined 1.2% in the first half of this year versus year-earlier levels. The U.S. market was up by 3.9%. 2. The second half of the year will look much better than the first half. The Georgia market is predicted to increase 12.5% from July through December of 2023 versus weak results in the second half of 2022 when supply chain interruptions significantly impacted sales. 3. As shown on the graph below, registrations for all of this year are projected to exceed 360,000 units and improve 5.2% from 2022. 4. Light truck market share increased slightly from 76.4% during the first six months of 2022 to 77.1% this year. 5. Registrations for Korean brands were up 10.9% so far this year and market share reached 14.1%. 6. Battery electric vehicles accounted for 6.7% of the market in the first half of this year, up from 3.7% last year. 7. Brands with the largest percentage increases in registrations during the first six months of this year (among top 30 brands): Tesla, Buick, Infiniti, Land Rover, Audi, Kia, Honda, Cadillac, Acura, and Hyundai. 8. Three biggest segments in the state are Compact SUV, Full Size Pickup, and 3 Row Mid Size SUV. 9. State market share leaders in the first half of 2023 were Toyota, Ford, Chevrolet, Honda, and Kia. 10. Top ten selling vehicles in Georgia market: Ford F-Series, Chevrolet Silverado, Tesla Model Y, Toyota Camry, Toyota RAV4, GMC Sierra, Ram Pickup, Honda CR-V, Toyota Corolla, and Toyota Tacoma. Outlook for next two years: New vehicle market predicted to improve, but sales should remain close to average levels A significant number of new vehicle purchases have been postponed since the onset of the pandemic in 2020. Estimated pent-up demand in the state market has reached 118,771 units, approximately 35% of average annual registrations (see page 3). It has been our contention that once vehicle production recovered, this “stored potential” would more than offset the drag on sales resulting from higher interest rates, a slowing economy, and weakening vehicle affordability. And the yearover-year increase in 2Q registrations sends a signal that this is indeed the case. The market should have enough gas in the tank to move higher this year, with recovery almost certainly lasting into 2024. 43 THE GENERATOR
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