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The automotive aftermarket was certainly not immune to the impacts of the cost-of-living crisis, however. When coupled with consistent production volume and the sector's demand backlog, these opportunities offer some resilience to the cost-of-living crisis and supply chain problems that are impacting sales and production. Emerging economies will offer opportunities for smart manufacturers while China’s reopening will support the sector’s resilience. The new research report discusses range of ongoing trends ranging from China's EV Dominance to the 'Amazonification' of Vehicle Sales and Smart Manufacturing Revolution. EV sales will soar to about 73 million units in 2040, up from around 2 million in 2020, according to forecasts by Goldman Sachs Research. Despite persistent geopolitical tensions and economic uncertainties, the global automotive industry has exhibited robust growth throughout 2023. Overall, sales volumes within the automotive sector expanded by 10-15% during this period to cross 91 million units, with both the passenger vehicle and commercial vehicle segments experiencing commendable growth. Meanwhile, LMC Automotive raised its 2023 sales growth forecast for Western Europe’s sedans and SUVs to 10.7% and 11.23 million, up from 9.4% the month before.
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