Overview of North America’s 2024 Automobile Market

Automobile sales in North America (four countries and regions*) reached 19,856,754 units in 2024, a 3.2% increase from the previous year. Looking at sales of each market, while Puerto Rico saw a decrease (down 5.1% to 122,000 units), the U.S. (up 2.3% to 16.34 million units), Canada (up 8.0% to 1.88 million units), and Mexico (up 7.5% to 1.52 million units) all showed a firm recovery trend. Although the rise in loan interest rates associated with the interest rate hike was a negative factor, the resilient domestic economies underpinned the market. Sales remained 5.1% below the pre-COVID-19 pandemic level of 20.93 million units in 2019, but the market is maintaining a steady recovery trajectory and is highly likely to rise above 20 million units again within the next few years.