Over the previous two years, the automotive industry has been plagued by supply chain issues related to the COVID-19 pandemic, with essential parts such as semiconductors being in short supply and sales crashing. But as the global economy takes steps towards recovery, it seems that the outlook for the automotive industry is improving.

At the moment, the automotive industry is in a slump – consumer demand for cars has fallen as a result of pandemic restrictions, and supply chain restrictions on parts such as semiconductors are slowing down production. But as we enter the new year, forecasts by Wallenius Wilhelmsen predict a fast recovery of the industry, with global sales expected to return to pre-pandemic levels by next year.

The vehicles that appear to be most popular with consumers include SUVs and crossovers, which has been a trend seen over the last decade. Electric and other low-emissions vehicles have also seen a large uptick in sales, not least because of government targets to reduce carbon emissions. Incentives to individuals and businesses to reduce their carbon emissions are likely to cause increased growth in this area over the years to come, which will in turn help to revive the automotive industry in the years to come.

Source: www.walleniuswilhelmsen.com