Research Predicts Worldwide Sales Of Around 88 Million Automobiles In 2024

Experts in the auto industry predict that, even with a potential drop in global auto production in 2024, there will be over 88 million automobiles sold worldwide in total the following year.

Despite the recent crises having a significant impact on the auto industry, analysts are optimistic about the future of global automobile sales and predict a modest but steady expansion. According to a forecast from S&P Global Mobility, global auto sales will reach 88.3 million units in 2024.

The latest projections indicate that worldwide automobile sales will increase by 2.8% in comparison to 2023. This year's automobile sales are predicted to hit 86 million units with two weeks remaining. Furthermore, projections for 2024 show that sales will rise 8.9% above 2022 levels.

According to a regional breakdown of the data, automobile sales in Europe are predicted to increase by 2.9% to reach 15.1 million units. 15.9 million automobiles are anticipated to be sold in the US during the course of the year, a 2% increase over last year.

It is anticipated that automobile sales in China will increase by 4.2% to 26.4 million units. On the other hand, the research indicates that worldwide auto manufacturing will marginally decrease in the next year. Global auto production is expected to reach 89.8 million vehicles by the end of 2023, up 9% from 2022. It is predicted to decline by 0.4% to 89.4 million units in 2024, nevertheless, from the level expected to finish this year.

Additionally, analysts note that by 2024, the percentage of electric vehicles worldwide will rise. The percentage of electric cars sold worldwide is predicted to reach 16.2%, up from an anticipated 12% in 2023.