EVs Poised to Shake Up the Auto Market

Positive Outlook for Auto Aftermarket Sector

The automotive aftermarket industry, valued at $383 billion, continues to exhibit a positive outlook. With new and used vehicle sales on the rise, the industry is expected to experience continued growth in the coming years.

EV Adoption Driving Industry Changes

The increasing adoption of electric vehicles (EVs) is having a significant impact on the auto industry. Their lower maintenance requirements are expected to disrupt the traditional model of vehicle ownership and maintenance.

New and Used Vehicle Sales on the Rise

The new vehicle market is expected to grow marginally in 2024, with sales projected to reach 15.3 million units. The used vehicle market is also expected to perform well, with sales forecast to increase to 39.4 million units.

Used Car Prices Cooling, New Car Costs Remaining High

While the cost of new cars has shown no signs of recovery at year-end, used vehicle prices have gradually fallen throughout the year. This is due to increased supply and decreased demand.