Global auto sales to grow rapidly, estimated to reach 88.3 million vehicles in 2024

A recent report by market analysis company S&P Global Mobility has forecast that global light vehicle sales in 2023 are estimated to reach about 86 million units, an increase of 8.9% compared to 2022, and are expected to continue to increase by 2.8% next year, to about 88.3 million units.

In major markets such as Europe, the US and China, S&P Global Mobility also gave bright forecasts for 2024. Specifically, sales could increase by 2.9% in Europe to 15.1 million units. This is a relatively surprising forecast in the context of Europe gradually reducing subsidies for electric vehicles, along with economic recession and still high car prices.

In the US, sales are expected to increase by 2% to 15.9 million units next year, with electric vehicles seeing rapid growth in 2024. There will be about 100 pure electric models sold in the US next year, spanning almost every segment, double the number in 2022.

In the world’s number one market, China, sales could rise by 4.2% in 2024 to 26.4 million units. The share of new energy vehicles (NEVs) sold nationwide is also expected to continue to rise, from 36% in 2023 to 44% in 2024.

Despite the reported increase in sales, S&P Global Mobility said that global new vehicle production will decline slightly next year due to high inventories. In 2023, the global auto industry is estimated to produce about 89.8 million units, up 9% from 2022. However, the number of vehicles produced may decline slightly by 0.4% to 89.4 million units in 2024.

In addition, the S&P Global Mobility report also said that BEVs will continue to grow rapidly in number globally. Analysts said that BEVs will account for 16.2% of global passenger car sales next year. This is considered a leap for pure electric vehicles compared to the 12% market share in 2023.