Auto forecasters predict the auto industry may fall by over two million vehicles by 2024 thanks to slowing population growth, changing consumer behavior changing and rising prices, CNBC reported.
A decade ago, the auto industry hit a record with 17.6 million vehicles sold, but analysts say that is not likely to happen again.
Indications point to a future where automakers will compete for fewer customers.
“It is the perfect storm, isn’t it,” Mark Gottfredson, a partner at analyst Bain & Company, told CNBC. “It starts with the population declines. You’re no longer a growth industry. You’re a declining industry. You’re a declining industry at a time when the technology is disrupting everything.”
