2024 Global Auto Sales Forecast: 88.3 Million Units – Insights and Challenges for the Automotive Industry
2024 Global Auto Sales Forecast: 88.3 Million Units – Insights and Challenges for the Automotive Industry.
Discover the latest projections for the global auto industry in 2024, with S&P Global Mobility estimating 88.3 million new vehicle sales. Explore key insights, challenges, and the impact on markets worldwide.
Global Auto Sales are estimated to be 88.3 million in 2024, the new year is going to be like this for the auto industry. The new year has arrived with new expectations.
The auto industry is also ready to achieve many new milestones in the year 2024. S&P Global Mobility estimates new vehicle sales worldwide will reach 88.3 million this year, an annual increase of 2.8 percent.
Let us take a look at the data presented by S&P Global Mobility.
2024 Global Auto Sales Forecast: How will the global auto market be in 2024?
The pace of recovery in global new light vehicle sales is expected to continue. Despite the positive trends, S&P Global Mobility continues to highlight concerns about consumer demand.
This includes the continuously increasing prices of vehicles and increasing difficulties regarding loans.
Closing the year 2023 on a positive note, it is estimated to deliver 14.7 million units in Western/Central European markets, representing a growth of 12.8 percent year-on-year.
These are the challenges.
Looking to 2024, S&P Global Mobility forecasts 15.1 million units, an increase of 2.9 percent year-on-year.
However, factors such as the risk of an economic slowdown, tight credit conditions, and declining electric vehicle (EV) subsidies could pose challenges.
U.S. sales volume is projected to reach 15.9 million units in 2024, representing an increase of 2.0 percent from the projected 2023 level of 15.5 million units.
S&P Global Mobility forecasts a modest decline in production levels for 2024, down 0.4 percent to 89.4 million units.
S&P Global Mobility estimates that global sales of battery electric passenger vehicles will reach 13.3 million units in 2024, accounting for an estimated 16.2 percent of global passenger vehicle sales.
Key markets are expected to drive this volume, highlighting the continued uptake of electric vehicles across the automotive landscape.
