2024 DATA DRIVEN report: a healthy, competitive auto industry underpins America’s industrial base and country’s economic and national security
Automotive ecosystem drives $1.2 trillion into U.S. economy each year – 4.8 percent of GDP
10.1 million jobs coast-to-coast; responsible for $730 billion in 2022 paychecks
Every $1 in vehicle manufacturing creates additional $4.23 in economic value
WASHINGTON, DC – Alliance for Automotive Innovation today released a new economic impact report: 2024 DATA DRIVEN: Navigating the Road Ahead on the automotive industry’s contributions to America’s industrial base, economic security and global competitiveness.
The report includes data on:
- Auto industry jobs, tax revenue, export activity;
- Investments in electrification and mineral supply chains;
- Sales data and an overview of all vehicles on U.S. roads;
- Safety technologies, crash data, research and development data.
John Bozzella, president and CEO of Alliance for Automotive Innovation, said: “A healthy, competitive domestic auto industry is a prized asset among nations – and a building block for any modern economy. Here at home, automaking is absolutely fundamental to the country’s global competitiveness. How important? We are America’s largest manufacturing sector, support 10 million jobs coast-to-coast and nearly 5 percent of GDP.”
Auto industry and jobs:
- 10.1 million jobs coast-to-coast – 4.9 percent of total U.S. jobs.
- Contributed more than $730 billion in worker paychecks in 2022.
- 12 percent of motor vehicle and parts jobs are in R&D.
Auto industry and economic growth:
- Drives $1.2 trillion into U.S. economy annually – 4.8 percent of GDP.
- Every $1 in vehicle manufacturing creates an additional $4.23 in economic value.
- In 2022, the auto industry invested more than $32.8 billion in research and development in the U.S. – fourth highest for any manufacturing industry.
Auto industry generates tax revenue:
- More than $340 billion in federal, state and local revenue generated annually by auto manufacturing.
- In 2023, states received more than $35 billion in tax revenue from new vehicle sales (more than $20 billion from used vehicle sales).
The global automotive landscape:
- In 2023, nearly 94 million vehicles were produced globally (compared to 65 million in 2004).
- The U.S. produced 10.6 million vehicles in 2023 (down 39 percent from 2004).
- China produced 30 million vehicles in 2023 (up 297 percent from 2004).
- G20 countries (excluding Saudi Arabia and Australia) represent 86 percent of global auto production.
Auto industry and domestic supply chains:
- Automakers and battery partners have committed about $125 billion for 80+ EV and EV battery projects, creating 113,000 jobs across 18 states.
- This includes $68.3 billion in the South, $42.1 billion in the Midwest, $13.3 billion in the West and $0.3 billion in the Northeast.
A cleaner, safer and smarter American auto industry:
- Automakers have reduced CO2 emissions rates for new vehicles by almost 28.4 percent since 2005.
- More than 90 percent of new vehicles today are equipped with advanced driver assistance systems (ADAS) – features like automatic emergency braking, adaptive cruise control, parking assist, collision warnings and blind spot alerts.
- The average age of a light-duty vehicle on American roads is 12.7 years.
Read the full report HERE.
About Alliance for Automotive Innovation
From the manufacturers producing most vehicles sold in the U.S. to autonomous vehicle innovators to equipment suppliers, battery producers and semiconductor makers – Alliance for Automotive Innovation represents the full auto industry, a sector supporting 10 million American jobs and five percent of the economy. Active in Washington, D.C. and all 50 states, the association is committed to a cleaner, safer and smarter personal transportation future. www.autosinnovate.org