Before the COVID-19 pandemic, new car sales across the United States generally rose every year, or at least hovered around the same mark. Things are changing now, and the market may never return to its previous heights, including the 2016 peak when sales topped out at 17.6 million, a record that has yet to be matched since.
A recent analysis by Bain & Company, a consulting firm, suggests that annual car sales in the country could fall by as much as 2 million units by 2040. Several factors could feed into that decline, and none of them makes for happy reading among automakers.
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