Skip to Content
Stock Strategist Industry Reports

Is Driving Doomed?

We don't think so. In fact, we think driver demographics bode well for auto sales.

Total U.S. miles driven in 2020 declined 13.2% year over year to 2.83 trillion, the lowest total since just below 2.8 trillion in 2001. 2020 was only the fourth year-over-year decline of this century and the first since a 0.6% fall in 2011. The 13% year-over-year fall was by far the worst decline of the Federal Highway Administration's data available back through 1970, with the next worst being 2008's 1.9% decline. The 2020 drop was so bad that we calculate it lowered the compound annual growth rate in U.S. miles driven to 1.9% for 1970-2020 from 2.2% for 1970-2019.