The automotive industry shows signs of recovery

The automotive industry shows signs of recovery

Annual US auto sales overall declined by as much as 4.7% in 2020, according to Bloomberg. Automotive companies made cuts to their advertising budgets at the onset of the pandemic, which led to an 18.2% decline in digital ad spending for the US automotive industry last year, according to our estimates.

However, the arrival of stimulus checks, record-low interest rates, and vaccination rollouts could mean the industry will receive a lift to its sales in the US, which may translate to higher digital ad spending. We estimate that automotive digital ad spending will grow by 21.4% in 2021 to $13.29 billion, slightly below its pre-pandemic peak.

 

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