The Automotive Industry is facing Several Challenges

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by CarBook,

The automotive industry is facing several challenges that are expected to affect its growth in the coming years. These include rising competition from alternative mobility services such as e-hailing and car sharing, which have increased their presence globally, as well as a continued shift in consumer preferences towards electric vehicles (EVs) and other alternative powertrains; these trends have led some experts to suggest that the market may have reached “peak car” in terms of annual sales volume.

Overall global car sales will continue to grow, but the annual growth rate is expected to drop from the 3.6 percent over the last five years to around 2 percent by 2030. This drop will be largely driven by macroeconomic factors and the rise of new mobility services such as car sharing and e-hailing.