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Automobile Industry to Face Decrease in Sales in 2024
By Shubhendra Anand , 29 February, 2024
At the beginning of 2024, a number of upcoming trends are expected to be followed by the automobile sector throughout the year. Consumers' preference for electric vehicles is gradually increasing, and the number of electric vehicle adoptions is increasing significantly. However, the surveys prove that vehicle prices have increased in the new year, which will affect vehicle sales at the beginning of 2024.
By the end of the first quarter of 2024, the automobile industry will have a number of changes due to fluctuating prices. Vehicle prices started to increase at the end of 2023 and moved into 2024, reducing the affordability rate for consumers. According to a survey, the auto industry is aiming at the top layer of the consumer market, with 20 percent in the upper section of the income households, as affordability tends to decline in 2024. Elevated vehicle prices in the auto industry will lead to a reduced number of buyers in 2024. The surveys conducted in 2023 show that consumer spending on the auto industry reached higher in 2023, but the automobile companies failed to maintain the sales volume. The auto industries could not maintain the sales volume due to increasing interest rates and high prices of vehicles in 2023. However, the United States faces most of this situation in the automobile sector. Experts believe that automobile sales in the United States may not reach the target of 17 million sales in 2024.
Based on a survey, at the beginning of 2024, the average price of vehicles in the United States was USD 48,000. The sale of vehicles in the last quarter of 2023 has reduced, and experts anticipate losing more than 10 percent of consumers, citing affordability as the important reason in 2024. Vehicles with conventional engines are expected to see a reduced number of sales compared to electric vehicles in 2024. This is due to increasing concern about the transition to clean energy.
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Shubhendra Anand
Head Research
