The Used Car Market Takes Center Stage

The global used car market is experiencing significant growth, especially in APAC. In 2023, it saw a 3-4% increase, with sales of 94-96 million vehicles, and is projected to grow by 5-6% in 2024. The B2C segment is becoming more dominant, and it is expected to exceed 50% market share in APAC and North America, indicating a shift towards a more organized market. Despite mixed results in recent IPOs from companies like Vroom, Auto1, Cazoo, CarTrade, and Carvana, the market is set for transformation. The rise of online used car sellers and aggregators, such as Droom in India, is disrupting the industry, pointing to a future shaped by innovation, customer trust, and convenience.

5G Takes the Wheel: The Connected Car & Living Revolution

This isn’t just a faster internet; I would call it a revolution on wheels. The 5G technology is set to transform the automotive industry, with major players like Audi, Mercedes-Benz, GM, Ford, Skoda, and Geely adopting it in their smart factories to improve automation, safety, and efficiency. This will only enhance in-car experiences with faster data transmission, low-latency communication, and improved navigation and infotainment systems. The automotive sector is expected to see a 30-35% annual growth rate in 5G adoption over the next few years. 5G will also facilitate what we term as “car as a connected living solution”, whereby the car in future will become an element of our connected home, connected workplace, connected energy, connected city and more, providing an integrated and seamless experience which will allow OEMs to generate addional revenues during the vehicle life-cycle.

Generative AI: Shaping the Future of Cars

Generative AI is transforming the automotive sector, impacting vehicle design, navigation, predictive maintenance, voice assistants, manufacturing, supply chain, and quality control. It will enhance the safety, efficiency, and personalization of in-car interactions. Major automotive companies are increasingly adopting this technology—Toyota and BMW for vehicle design, Tesla in Advanced Driver-Assistance Systems (ADAS), Continental in digital cockpits, and Mercedes Benz in Personal Voice Assistants. This marks a shift towards more intelligent and responsive automotive technologies.

Gearing Up for the Future: Other Trends to Watch in 2024

Smart manufacturing, gigacasting, digital twins, and the impending impact of Euro-7 norms are poised to shape the industry in 2024, bringing about efficiencies and redefining operational strategies.


I anticipate a year filled with breakthroughs and transformative experiences, even as the industry, despite a slowdown in growth rates for 2024, is on track to hit a landmark 100 million units in sales, including both passenger and commercial vehicles, by 2026. Let’s see what the year has in store for us!