In 2024, new-vehicle sales saw a modest decline of 3%, reflecting ongoing challenges in the automotive market. This dip in sales has been attributed to various factors, including rising interest rates, high vehicle prices, and shifting consumer preferences. As the industry grapples with these pressures, manufacturers are also facing another significant setback: exports of new vehicles have plummeted by 22.8%. This sharp decrease in international demand highlights global economic uncertainties and trade issues that have affected automakers’ ability to secure foreign markets.
Experts note that while domestic sales continue to hold steady in certain regions, the overall slowdown in exports is particularly concerning for automakers who rely heavily on international sales to drive profitability. The decline in exports has been linked to disruptions in supply chains, geopolitical tensions, and fluctuating demand in key markets, such as Europe and Asia.
Automotive analysts predict that the coming months may bring more turbulence for the industry, as manufacturers struggle to adjust production schedules and meet evolving market demands. The outlook for 2025 remains uncertain, with many companies focusing on innovative technologies and electric vehicles to regain momentum. However, the road to recovery may be longer than expected as both local and global economic conditions continue to impact the sector.
