Macroeconomic headwinds and supply chain disruptions have marred the performance of the auto sector. Also, rising mortgage rates and soaring inflation have put additional pressure on the industry. In November 2022, new vehicle sales in the United States fell 4% month-over-month. However, despite widespread uncertainties, sales increased 11.3% year-over-year.
The automotive industry’s long-term prospects look bright amid the increasing adoption of advanced technologies and the growing demand for electric vehicles (EVs). According to Beyond Market Insights, the size of the global EV market is projected to grow at a CAGR of 22.5% between 2022 and 2030.
