The auto market in 2022 ends with volatility, but it is a premise for a 2023 with high growth, especially in the electric vehicle segment.

It can be said that the past 3 years have been the strangest period for the auto industry ever in history, when it recorded an unprecedented series of major disruptions. The raging of Covid-19, along with the Russia-Ukraine conflict, had a strong impact on the auto industry, upsetting chains of production.

Lots of production disruptions also mean there aren’t many cars for sale and not a lot of inventory. That leads to an increase in the price of both new and used cars in the absence of supply.

Financial and economic forecasts show a global economic slowdown until at least the end of 2023, causing prices to climb, interest rates on loans and credits to rise, affecting most consumers.

Both reasons have caused the world auto market to have a bleak 2022.

However, 2023 is forecasted to be more prosperous for the auto industry. The world economy has gradually adapted to the recent great fluctuations, new cars produced by manufacturers has been launched in large numbers, leading to a decrease in the price of new cars.

Particularly in the US market, according to a forecast from experts of Edmunds organization, in 2023, 14.8 million cars can be sold, an increase of 1 million cars compared to 13.8 million in 2022.

According to statistics from Motor Intelligence, in the first 11 months of 2022, a total of 724,000 electric cars have been sold to the US market. That means just over 5% of total car sales in the year. Although this market share is only a small part of the total number of cars sold in the US this year, in just 3 years, electric vehicles have grown very quickly.

Also from the same source, in 2019, Americans bought less than 326,000 electric cars, compared with 17 million cars sold, only reaching a market share of about 0.5%. That means, after only 3 years, the market share of electric vehicles in the total market demand in the US has increased 10 times. This is a staggering number and opens particularly great prospects for the electric vehicle industry.

In 2023, electric vehicle manufacturers will continue to further improve their after-sales policies as well as strengthen the development of related infrastructure such as maintenance and repair garages, adding more new charging stations… This will help consumers turn more towards electric vehicles.

Fuel cost is also an important point that makes consumer sentiment towards electric car shopping.

Since July 2021, when global gas prices skyrocketed, the American Automobile Association has released a survey showing that 25% of Americans are likely to choose to buy an electric car next time they shop. The context of 2022 further reinforces this point as soon as the Russia-Ukraine conflict broke out, gasoline prices have continuously increased, causing many people to abandon petrol cars to electric cars to save fuel costs.

Not only that, governments around the world are also gradually paying attention and having many policies to pave the way for the development of electric vehicles to improve environmental issues. For example, the US government in August passed the Inflation Reduction Act, which provides people with a tax credit of up to $7,500 when buying electric vehicles originating in North America, which traditional car buyers will not be entitled.

The auto giants have also been mapping out strategies to transform their businesses into electric car businesses such as Audi, Ford, Toyota, Chevrolet, etc. Meanwhile, Tesla is also actively promoting their new products. Rookies entering the international electric car market like Vinfast or Fisker promise to create a booming 2023 auto market with the future belonging to green energy cars.

Source: vietnamnet.vn