Global automotive production is projected to slow down significantly after a strong 11.2% growth in 2023, with a modest 0.5% increase expected in 2024. This slowdown is due to consumer reluctance in major markets like the US, China, and Europe, particularly regarding high-cost purchases such as vehicles. A recovery is anticipated in 2025, with a 2.1% growth driven by looser monetary policies and improving consumer spending. However, the imposition of tariffs by the next US administration poses a risk to the industry. Looking further ahead, emerging Asian markets, including China and India, are expected to lead global growth in vehicle production due to low vehicle ownership and a rising middle class. Read the November report: https://atradius.us/reports/industry-trends-automotive-industry-trends-november-2024.html?utm_source=linkedin&utm_medium=social-media&utm_campaign=market-monitor-2024
