Automotive Trends to Expect in 2024
There’s no denying that it’s been a turbulent last few years in many of the world’s top industries, and this is no different for the automotive industry. Supply shortages, dramatic price fluctuations, and high rates of interest and inflation have all been major obstacles faced by car manufacturers in recent years. This uncertainty has largely been due to the COVID-19 pandemic in 2020, as well as other unprecedented global and political events.
Luckily, more recent market trends suggest that the automotive industry is beginning to recover, suggesting exciting potential for the year ahead. Whether you’re a buyer or seller, the 2024 car industry trends are likely to stabilize and improve further as the year progresses. Read this blog article to learn more about what automotive trends to expect in 2024, the reasons behind them, and other helpful data!
2024 Car Industry Trends
As we examine the automotive trends to expect in 2024, several unique trends can be pinpointed. Let’s take a closer look at them below:
1. A Consumer’s Market
One of the most exciting potential changes in 2024 for many consumers is the likely shift to a buyer’s market. While previous years in recent history have been marked by high interest rates, inflation, and a poor job market, this is not the case for 2024. As the economy further stabilizes, higher interest rates are likely to slightly decrease, making purchasing a new car possible for people who haven’t been able to afford one in the last few years.
2. An Improved Vehicle Supply
Another huge issue that has plagued the automotive industry throughout the last few years is a lack of stock. Like many industries, the car industry has struggled with not only maintaining enough labor but also with manufacturing cars and a lack of parts. These supply shortages have slowed car production, as well as repairs. However, 2024 is likely to see an upswing in production and the vehicle options available on the market.
3. A Huge Array of Electric Vehicle Options (And More on the Way!)
One of the most exciting changes projected to occur in the upcoming year is more electric vehicles. While 2023 already saw huge consumer trends toward electric cars, their popularity has hardly reached its full potential. As tax incentives, marketing, and an overall push toward electric vehicles (EVs) continue, car manufacturers will need to keep pace with market demand by offering more EV models.
2024 Auto Forecast
Overall in 2024, the auto will begin to stabilize after the unpredictable effects of the COVID-19 pandemic and the last few years. The 2024 auto forecast is likely to favor consumers due to decreased inflation, stable interest rates, and a huge range of potential vehicle options, including many electric models, to choose from.
Ready to start shopping for a new or pre-owned vehicle? Here at Bruner Auto Family, our customers come first. Our team of highly trained professionals is here to help you along your vehicle buying journey, carefully answering any potential questions or concerns you might have along the way. Come visit us today!
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