Global Automotive Industry Outlook: Total Automotive Sales to Cross 96 million units in 2024, post strong recovery in the year 2023 - Exclusive Report by MarketsandMarkets™

Challenges such as geopolitical tensions, escalating commodity prices, and increasing interest rates are expected to impede markets in North America and Europe. Nonetheless, the Asia Pacific region is anticipated to surge forward, driven by the presence of major growing economies and sizable automotive markets, particularly in China and India. Challenges such as geopolitical tensions, escalating commodity prices, and increasing interest rates are expected to impede markets inNorth AmericaandEurope...

Challenges such as geopolitical tensions, escalating commodity prices, and increasing interest rates are expected to impede markets in North America and Europe. Nonetheless, the Asia Pacific region is anticipated to surge forward, driven by the presence of major growing economies and sizable automotive markets, particularly in China and India.

Within the passenger vehicle segment, SUVs have consistently demonstrated substantial growth across various regions in recent years, a trend that has persisted into 2023 and is expected to continue in 2024. Notably, China stands out as the dominant market in the passenger vehicle segment, with other significant markets including the USA, India, Japan, and Germany.

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Some of the key developments witnessed by automotive industry in 2023:

EV Sales Growth Hit the Brakes in 2024:

While electric vehicle (EV) sales are on the rise across most markets, the pace of growth is decelerating. Although global sales volumes are projected to increase from 12-14 million units in 2023 to 15-17 million units in 2024, the surge is showing signs of plateauing. China is anticipated to contribute the largest share, reaching approximately 9-10 million units in 2024. However, the overall growth trajectory is slowing down. For instance, in the United States, the year-on-year growth of EV sales is expected to be a modest 15-20%, a notable decrease from the 55-60% observed in 2023. In China, the growth is also anticipated to be impacted by a reduction in incentives.

The slowdown in EV sales has prompted original equipment manufacturers (OEMs) to make strategic adjustments, including production cuts (e.g., GM, VW), delayed model launches (e.g., Audi, Ford), and the temporary halt of plans for new EV plants (e.g., Ford). In contrast to battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) are experiencing stronger sales growth. With reduced upfront costs, a lower total cost of ownership compared to internal combustion engine (ICE) vehicles, and the added benefit of flexibility (addressing range anxiety), PHEVs are emerging as a more compelling choice for consumers.

Some of the other key trends that the automotive industry is likely to witness in 2024:

Key Market Players

Within the realm of passenger vehicles, prominent original equipment manufacturers (OEMs) include Toyota, GM, Stellantis, Honda, Volkswagen, Nissan, BMW, Daimler, Tesla, and Ford. Notably, Tesla, BYD, Volkswagen, SAIC, and Stellantis stand out as key players in the electric passenger vehicle sector. Shifting the focus to commercial vehicles in 2023, the leading OEMs encompass Mercedes-Benz, Tata Motors, Traton, Paccar, Volvo, IVECO, Ashok Leyland, and Hino.

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