The automotive industry is experiencing a shift in gears in the face of evolving consumer expectations and attitudes and developing economic headwinds and tailwinds – from affordability to an emerging subset of buyers.
Whether it’s finding the right balance between digital retailing and physical interactions, navigating uncertain consumer demand, or normalizing EVs, the industry is prepared for what’s next – more agile, innovative, and dynamic than ever before.
For more information, please contact Megan Ryan.
By 2030, U.S. alt-fuel sales will reach 40-50% of new vehicle sales
By 2027, 175M drivers will use cars with connected operating systems
By 2029, the luxury vehicle market is expected to grow to $740B (5.6% CAGR)
Sources
BCG, March 2024 – 40%; Bloomberg – Electric Vehicle Outlook, June 2024 – 45%; Recurrent Auto, July 2024 – 50%; alt-fuel = EV + hybrid
Nexus, Oct 2024
