In 2024, it’s projected that the combined volumes of the automotive industry, encompassing both passenger and commercial vehicles, will attain 94.6 million units, indicating a growth of 3.1% compared to the 2023 figure of 91.7 million units. Despite the expected increase in the Total Industry Volume (TIV) for 2024, the year-over-year (YOY) growth is predicted to decrease significantly. This decline can be attributed to a complex interplay of various factors, including economic challenges, geopolitical tensions (such as those involving Ukraine and Gaza), supply chain disruptions, escalating commodity prices, rising living expenses, and interest rates fluctuations, among other influences.
Over the next 12 months, the automotive sector is poised for a period demanding preparation and fortification. Key players in the automotive industry must align themselves with market demands, evolving trends, and imminent changes. This includes addressing the growing demand for fast charging, enhancing charging infrastructure, embracing vehicle connectivity, incorporating Gen AI, adhering to upcoming Euro 7 standards, and prioritizing supply chain efficiency. These strategic adjustments are crucial for positioning the industry to thrive in the years ahead.
Join us for the MarketsandMarkets Global Automotive Outlook 2024 Webinar on 8th February at 4PM GMT / 9.30 PM IST as we explore key developments, discuss solutions to expected challenges and hurdles while shedding light on major innovations transforming the ecosystem. The 75-minute LIVE session spans two insightful keynotes providing an in-depth analysis of global automotive trends and projections followed by a dynamic panel discussion featuring key industry stakeholders & economists delving deep into the implications of a volatile global market.
President and Chief Commercial Officer, MarketsandMarkets
Managing Director, Rothschild & Co.
Vice President & Head of Automotive, MarketsandMarkets
Director of Strategy, M&A and Partnerships, Bridgestone Mobility Solutions
Director - Energy and Commercial Vehicles, MarketsandMarkets
Strategic Foresight Consultant, MarketsandMarkets