Market Report
Learn more about all important trends in the precious metals markets in our market reports on a regular basis.
US auto sales surge despite unhappy customers
No. 18 | 12th May 2025
Consumer confidence is close to the trough from 2022 and has retreated below the lowest points from the global financial crisis and in 1990. US light-vehicle sales are resisting this fall, but a drop-off to match the index is a significant risk to palladium demand. Historically, consumer sentiment in the US has been well correlated with light-vehicle sales, though admittedly less so since the Covid-19 pandemic. Light-vehicle sales reached an almost four-year high SAAR rate of 18.28 in March, even as the measure of consumer confidence has fallen. Despite strong sales year-to-date, estimates for North American palladium autocatalyst demand for 2025 are lower than last year’s level at 1.6 moz, down from 1.8 moz last year, as sales are expected to contract. This puts annual demand on-par with 2021 levels.
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