S&P Global car sales in 2024 may reach 88.3 million vehicles, but production will decrease.

S&P Global Predicts 88.3 Million Vehicle Sales by 2024, But Anticipates Decrease in Production

【PhoneAuto News】 According to a report by S&P Global Mobility, as the automotive industry recovers from the pandemic and subsequent supply chain shortages, global sales of new light vehicles are expected to reach 88.3 million units next year, a 2.8% increase compared to the previous year. This number is slightly higher than the projected 86 million units for 2023 and represents an 8.9% growth compared to the 79 million units in 2022. Next year, sales in key markets such as Europe, the United States, and China are expected to rise.

The report points out that next year, new light vehicle sales in Europe could increase by 2.9% to reach 15.1 million units. Despite the gradual reduction in subsidies for electric vehicles and increased risks of economic recession, high car prices will not hinder the growth of the European market. In the United States, sales of new light vehicles are forecasted to increase by 2%, reaching 15.9 million units, with the market for pure electric vehicles expanding particularly rapidly. By the end of next year, there will be nearly 100 pure electric vehicle models for consumers to choose from in the United States.

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Chris Hopson, the North American forecast manager for S&P Global Mobility, said, “Just when the automotive industry is expecting a return to normalcy in terms of supply, American consumers seeking new cars in 2024 will continue to face problems such as high interest rates, credit tightening, and persistently high new car prices. This also means that the US car sales environment next year may only see slow growth.”

In China, sales of new light vehicles are expected to increase by 4.2%, reaching 26.4 million units. The proportion of sales of new energy vehicles nationwide will continue to rise, jumping from 36% in 2023 to 44%. Interestingly, S&P Global Mobility believes that global production of light vehicles will slightly decline next year. This year, automotive production will reach 89.8 million units, a 9% increase compared to 2022. However, next year, production may decrease by 0.4% to 89.4 million units.

The report predicts that the penetration rate of pure electric vehicles will continue to increase in 2024. Analysts believe that next year, pure electric vehicles will account for 16.2% of global passenger car sales, an increase from 12% in 2023.

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