Sluggish economic outlook, geopolitics and uncertainty around an aggressive electrification policy, lead to a lackluster outlook for growth in Europe.
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Europe Market Outlook: Production Decline in 2024 Followed by Slow Long-Term Growth
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China Market Outlook: Sluggish Economic Outlook, Other Concerns to Slow Growth
Report / 11 Jul 2024 / Haig Stoddard
Ironically, demand for electrified vehicles could be a positive for long-term growth. Continued government programs to encourage sales, as well as potential price wars in the electrification sector should spur demand. In fact, BEVs are forecast to outperform ICE-only vehicles by 2029.
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Global Outlook: Long-Term Growth Sluggish After Industry Aligns Production with Demand
Report / 10 Jul 2024 / Haig Stoddard
After strong gains in the past three years, production growth will slow in 2024 as inventory rises faster than sales. A stronger global economy will boost demand, as well as production in 2025, but that will be followed with lukewarm annual growth in sales and output through 2031.
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The Analyst Team
Haig Stoddard
Follow AnalystPrincipal Analyst, Forecast & Markets
Haig has followed the auto industry for over three decades, starting as a reporter and editor for Wards Automotive Reports, then transitioning to an automotive market analyst. He analyzes market trends related to new-vehicle demand, production, and powertrain take-rates, and forecasts vehicle connectivity and automation levels
Haig focuses on tying together demand, vehicle production, and powertrain trends. He also has created and co-created several of the company’s current analytical outputs related to forecasts, plant capacities, product cycle plans, market segmentation, and future vehicle propulsion reports. Currently, he supports the Wards Intelligence database and produces regularly scheduled and custom subscription-based posts tied to North American production, sales analysis, forecasts, and general global market analysis. He also is working on projects to help expand the company’s coverage of future trends by creating vehicle-based forecasts related to factory-installed equipment, such as ADAS and mobility.
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