The auto industry is bracing themselves for a variety of new cars to be launched, and it seems as if Honda and Ford may be leading the pack. As per a Bank of America Merrill Lynch report, while the general launch of new car models averages about 40 each year since 2000, that number is expected to jump to 62 for the 2020-2023 time period.
As it relates to Ford, the car launches start with the 2020 Escape and Explorer, and will continue on in 2021 with the new Bronco and F-150. Both FCA and GM have new models on the horizon; however, will trail behind when it comes to industry averages as it relates to replacement rates.
Having said that, GM’s situation isn’t that serious, as the automaker is ready to launch some heavy-duty trucks for 2020, following a large SUV model the next year. They will also still be quite focused on their Cadillac brand in the coming years.
Meanwhile, FCA remains fixated on their Jeep brand, with Grand Wagoneer and Grand Cherokee models slated for 2021, and a Wagoneer and Cherokee set for 2022. Their Renegade and Compass new models are set for release in 2023.
There are limited product plans for Fiat, Chrysler, and Dodge at this point in time.
The report also relayed a crossover explosion, with 149 new models set for the market by 2023.
Seems like the auto industry will be booming for the next few years, with more options and features for consumers to jump into. However, as with any sector, as much as new products may entice consumers to buy, there may also be a bit of a downturn that the auto sector experiences, which is normal within any market’s business cycle.
Regardless, USA Today revealed that it seems like there are some exciting new model releases on the horizon, and if you are looking for a new vehicle in the next couple of years, your options will be much broader.