High prices and rising borrowing rates have marred the auto industry’s optimal performance. According to a recent survey, 49% of respondents said they did not intend to purchase a new car in 2023.
However, consumer spending has remained strong in the last month. Retail sales in January 2023 increased by 3%, with auto sales contributing the most to the surge. Moreover, growing electric vehicle (EV) demand is expected to bolster growth in the auto industry. The Global Electric Vehicle Market is projected to grow at a CAGR of 23.1% from 2023 to 2030.
