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Automobile Industry Introduction, Business and Industry Trends Analysis

The automobile industry surged ahead worldwide in recent years, with particularly sharp growth in the U.S. and China. Analysts at S&P Global Ratings forecast the global new automobile market at about 88.3 million units for 2024, after its 83.6 million units for forecast 2023.

In the U.S., new car and light truck sales totaled about 15.45 million units for 2023. These sales levels are down considerably from the 17+ million yearly cars and light trucks achieved from 2015 through 2019.

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