Current Industry Dynamics Will Carry Over into 2024 Automotive Trends
Cloud Theory is currently reviewing our comprehensive automotive inventory, vehicle movement, turn rate, and pricing data in preparation for our 2023 Automotive Year-in-Review. This special report will summarize the significant 2023 automotive industry issues and trends that we predict will continue into 2024.
Cloud Theory's 2023 Automotive Year-in-Review topics will include:
- A look at the rapid increase of new vehicle inventory due to the easing of post-COVID supply chain issues
- How demand dynamics have shifted due to the supply rebound and the likely impact this will have on pricing and incentives.
- The ever-evolving trends associated with electric vehicles as OEMs calibrate their investments and production in this sector to meet looming regulatory requirements
- The influence of inflation and higher interest rates on model and trim selections
- The fluctuations of fuel prices and the effect that has on segment outcomes
Every calendar year, momentous events take place that shape the present and future, evolving as time progresses. 2023 has been no exception, from the continuing Ukraine-Russia war to the emerging Israeli-Palestinian conflict, from the launch of OpenAI’s ChatGPT to the crash of FTX cryptocurrency, and from the coronation of a new English king to the selection of a new Speaker of the House. These events reverberated across the globe, with effects that will continue to shape our world in 2024.
The same can be said about events that have taken place in the automotive industry. The crosscurrents of 2023 influenced OEM decisions and consumer actions, and these dynamics will carry forward into the new year and continue to shape the automotive industry in 2024.
Don’t miss Cloud Theory’s 2023 Automotive Year-in-Review that will be released in mid-January.
As 2023 comes to a close, we wish everyone a happy and healthy holiday season and look forward to continuing to have insightful conversations with our clients and colleagues across the industry.