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Mike Spagnola, the vice president of the SEMA Show, predicts that the vehicle customization market will continue to grow in 2022 Prediction 2: The vehicle customization market will grow August marked the fifth consecutive record-setting month of all-time high new-vehicle prices at an average of $43,355. Throughout 2021, Kelley Blue Book tracked the average transaction price for new vehicles. fewer than 1 percent of vehicles now sold are under $20,000." It's been trending down and it's completely collapsed. "As recently as 2016, 20 percent of all sales in the industry were below $20,000 and that started falling in 2017. "The sub $20,000 car or vehicle has disappeared from the entire US auto market," Tyson Jominy, vice president of data and analytics at J.D. All of this has tipped the scale, causing model price increases so automakers don't feel an even larger impact on profits. The cost of wages and supplies for making vehicles continues to go up. Read more Introducing Newsweek's First Annual List of the Best Cars, SUVs and Pickups

According to CoPilot, a car buying app, production for crossover models, the largest automotive category, was down 63 percent in 2021. That means fewer dealer discounts and manufacturer incentives.ĭue to the semiconductor chip shortage and pandemic-related supply chain restraints, the auto industry has seen a lower production rate than is traditional, across the board. Demand will continue to be high in 2022, even if inventories remain low. Price increases are due to a multitude of things.

Prediction 1: New vehicle prices will go up Newsweek spoke with numerous automotive industry experts about what they think the market will look like, what trends will continue and what new things we may see in 2022. The industry is in the midst of a big push toward widespread electrification and a zero emissions future. Big changes are coming for products and plants.

In the last year the automotive industry has seen reduced inventory, price increases and production delays due to the ongoing semiconductor chip shortage. Carles Rabada/UnsplashĪutomakers have their hands full. Experts predict price increases and more semiconductor chip constraints heading into 2022.