Up to 88.3 million new passenger cars could be sold worldwide in 2024, according to analysts, as the market continues to recover from the COVID-19 outbreak and the ensuing difficulties in the supply chain.
According to S&P Global Mobility, global new light passenger vehicle sales will climb 2.8% year-over-year from 2023 where they are projected to reach nearly 86 million units. Sales are predicted to rise in key markets including China, the US, and Europe next year, marking a notable 8.9% gain from 2022.
Related: BYD and Tesla Commands One-Third of Global EV Market Share
Next year, sales could rise 2.9% in Europe to 15.1 million units. This could come despite tapering EV subsidies, economic recession risks, and car prices that remain high. In the U.S., sales are tipped to jump 2% to 15.9 million units and the market for battery-electric vehicles (BEVs) is expected to rise particularly quickly. Nearly 100 BEV models will be available for purchase in the United States by the end of next year.
In China, sales could jump 4.2% to as many as 26.4 million units. The proportion of new energy vehicles sold across the country is also expected to continue to rise, jumping to as much as 44% of total new light vehicle sales, a large rise from 36% in 2023.
Related: Affordable Chinese EVs Boost Adoption Rates in Asia & South America
Through 2024, the BEV adoption rate will continue to amplify. In fact, according to estimates, they will represent 16.2% of all passenger vehicle sales worldwide in 2024—a significant increase from 2023’s 12% market share.
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