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News: Automobile Market Prediction In 2024

JAN 12, 2024

As 2024 approaches, Liberty Carz forecasts global new car sales to reach 88 million next year as the recovery process continues. The prediction indicates a 2.8% increase in global light vehicle sales in 2024 compared to the previous year.

The ongoing recovery of light vehicle production continues to address inventory shortages in various regions, driven by improving supply chains and recovering demand, supported by prolonged consumer pent-up demand. However, experts remain cautious about the recovery outlook, as consumer demand faces challenges from high car prices and lending conditions.

Market Outlook by Region:

  1. Europe: The Western/Central Europe market is expected to provide solid momentum, reaching 15 million units in 2023, and is forecasted to grow by 3% in 2024. Challenges include shifting towards electric mobility, waiting for customers, competition from Chinese OEMs, energy crises, and upcoming EU elections.
  2. North America: Anticipated sales in the U.S. are 14.8 million units in 2024, estimated to grow by 1.9% compared to the projected 15.5 million units in 2023. Consumers in the U.S. may face challenges due to high interest rates and tightened credit conditions.
  3. China: The Chinese market is forecasted to have stable production in 2024, decreasing by 0.2% to 28.1 million units. The recovery in 2023 will increase to 26.3 million units, supported by domestic NEV incentives.

In the shift to electrification, the report predicts global battery electric vehicle (BEV) sales will reach 13.3 million units in 2024, accounting for approximately 16.2% of global passenger vehicle sales. This signifies a notable growth from the estimated 9.6 million BEVs in 2023, constituting a 12% market share.

While these predictions are optimistic, challenges remain concerning infrastructure, power grids, battery supply chains, and global supply chain models. The policies of major economies, such as China, Europe, and the U.S., play a crucial role in shaping the future of a greener global transportation landscape.

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