To provide information about the buyers journey, market size, and how COVID-19 has impacted the automotive industry in the U.S. Also, to provide demographics about automotive consumers.
- According to IBISWorld, automobile manufacturing in the U.S. has a market size of $111.9 billion as of 2020.
- The market size of automobile manufacturing in the U.S. has witnessed a decline of -3.6% CAGR between 2015 and 2020.
- In the U.S., the automobile wholesaling industry has a market size of $660 billion as of 2019. The market size has been declining at a rate of -0.4% between 2015 and 2020.
- COVID-19 has caused "disruption in Chinese parts exports, large scale manufacturing interruptions across Europe, and the closure of assembly plants in the U.S., according to Deloitte.
- Consumers between the ages of 25 and 54 make up 43% of all consumers who purchased a new SUV in 2019. Consumers over the age of 65 made up 31%.
Results of the Early Findings
- Initial research into these topics have revealed that there is abundant information which speaks to the market size, buyers journey, consumer demographics and COVID-19 impacts of the U.S. automobile industry.
- Further research can continue collecting insights and digging deeper into each of these areas.
Proposed next steps:
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