Santa Monica, California – Increased pickup truck sales in the U.S. may show promise of economic health, according to a report from Edmunds.com.
“Pickup truck sales gained more traction last month, and industry executives are starting to believe that their biggest and most profitable vehicles can be counted on to haul an even larger share of the fledgling recovery for the rest of the year and beyond,” said Dale Buss, of Edmunds’ AutoObserver.com.
Large trucks took 12.4 per cent of overall U.S. auto sales in July, the largest monthly percentage in nine months, and larger than the segment’s annualized market share for each of the last three years, according to analysis by Edmunds.com. For the year as a whole, the company expects pickup trucks to take a 11.4 per cent share of the overall market, the largest since the 12.2 per cent share they held in 2008, prior to the recession. The trade-in rate on new trucks by people who already own trucks has spiked to more than 72 per cent this year, after four straight years where it hovered in only the mid- to high-60s as a percentage.
Over the next three years, Edmunds.com expects the large truck share of the U.S. market to rebound to 12 per cent in 2011, to 12.4 per cent in 2012, and then to 12.6 per cent in 2013 and 2014. The peak share for pickup trucks was 15 per cent in 2005.