Automotive players are navigating more than the usual market challenges as they head into 2024. COVID-19 lockdowns may be a thing of the past, but many sectors remain split on the future of remote working. Soaring energy prices, inflation, supply chain constraints, and geopolitical risks are all making themselves felt on vehicle demand and business strategy.
The Economist Intelligence Unit (EIU) forecasts a 3% rise in global passenger car sales for 2024, with commercial vehicle sales expected to inch up 1% year-on-year. Despite the sluggish overall sector performance, electric vehicles (EVs) are projected to jump 21%. “The EV growth is mainly thanks to government support but also stricter low-emission zones,” says Ana Nicholls, Industry Director at the EIU.
