U.S.: light truck sales 1980-2023

Light truck retail sales in the United States increased to 12.4 million units in 2023. This was a year-over-year increase in sales of some 13.7 percent compared to 2022. 2022 was the second drop in sales in a decade, after the drop reported in 2020, at the onset of the COVID-19 pandemic. Sales had been increasing since 2010, when the auto industry began recovering from low vehicle purchases after the 2008-2009 financial crisis. In 2023, sales of light trucks accounted for about 79.9 percent of the approximately 15.5 million light vehicles sold in the United States. Ford, with its signature truck, the Ford F-150, was one of the leading North American car brands in the United States.

Why are consumers buying trucks now?

Before the coronavirus pandemic hit in 2020, the U.S. economy had largely recovered from the woes of the financial crisis and unemployment in the United States fell to 3.7 percent in 2019. This meant that consumers were better able to purchase new vehicles. Similarly, due to lower gasoline and diesel fuel prices, motorists were more willing to buy trucks over smaller, more fuel-efficient sedans. 2022 presented a challenge for this automotive market, with Russia's war on Ukraine leading to motor fuel price inflation and to higher new and used car prices.