The auto industry has evolved over the past decade and is undergoing massive ground-breaking transformations, including the EV revolution. Despite the adverse effects of the pandemic and a global semiconductor shortage, worldwide car sales grew to around 66.70 million in 2021, up from 63.80 million units in 2020.
Furthermore, new vehicle prices are soaring, fueled by pent-up consumer demand, low vehicle inventories, and rising sales of luxury vehicles. Additionally, hefty investments in R&D, technological innovations to make smart cars, and supportive government initiatives are boosting the sector’s prospects. The global automotive industry is expected to grow at a CAGR of 3.7% from 2020-2030.
