How Cobots are Replacing Conveyor Belts in SMEs Market 2025
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.
Vehicle Sales To Reduce In 2024 Compared To Previous Year
Latest News
How Cobots are Replacing Conveyor Belts in SMEs Market 2025
In 2025, The “Cobots” Adoption in SMEs Market will Begin Transitioning as Small and Medium Sized Enterprises (SMEs) in Europe, Asia, and North America are cross-adopting collaborative robots (cobots) to enhance intralogistics and material handling…
IIoT Startups Secure Record Funding in Q2
The unprecedented funding of Industrial Internet of Things (IIoT) startups in Q2 marks a new record, indicating strong investors' confidence against the backdrop of an ongoing digital transformation. IIoT startups seem to be enjoying the animated…
How Tesla and BMW Slashed Downtime Using Predictive Maintenance in 2025
By 2025, Tesla and BMW have adopted predictive maintenance as a way to optimize operations within the automotive industry. Both companies have established AI maintenance systems to address equipment failures which has greatly improved unplanned…
Africa Off-Grid Solar Solutions Rural Electrification Market Sees Surge in Investment and Innovation in 2025
In 2025, Africa is witnessing significant transformation in the off-grid solar drive rural electrification. With a fast-growing population, and steady expansion of commercial sectors, the demand for clean and affordable energy solutions has been…
Policy Shifts and Economic Impact on India MedTech Market in 2025
The India MedTech market in 2025 is set for profound shifts owing to new regulations as well as the increased focus on domestic manufacturing. With the post-pandemic healthcare needs soaring, the government's policy spending in 2025 aims to turn…
Shubhendra Anand
Head Research
Latest News
IIoT Startups Secure Record Funding in Q2
How Tesla and BMW Slashed Downtime Using Predictive Maintenance in 2025
Africa Off-Grid Solar Solutions Rural Electrification Market Sees Surge in Investment and Innovation in 2025
Policy Shifts and Economic Impact on India MedTech Market in 2025
