
The performance of the auto industry was hampered amid macroeconomic headwinds last year. However, the pent-up demand for Electric Vehicles (EVs) could propel the industry’s growth.
The global automotive parts and components market is projected to reach $2.27 trillion in 2031, growing at a CAGR of 2.4% between 2023 and 2031. Although the auto parts industry is poised for an uptick, QuantumScape Corporation’s (QS) performance seems to be deteriorating.