Global automotive trends to watch in 2023

The car industry is expected to grow in the coming years, despite the volatile macroeconomic backdrop. Global car sales in 2023 are forecast to top 69 million, fuelled by greater penetration in emerging markets, growing adoption of electric vehicles and the reopening of China following its relaxation of Covid-19 restrictions. When coupled with consistent production volume and the sector's demand backlog, these opportunities offer some resilience to the cost-of-living crisis and supply chain problems that are impacting sales and production. We expect car sales to rise further to 74 million in 2024, continuing the upward trajectory we have seen since 2020 toward the levels attained in the years before the pandemic.