It is estimated that this many cars will be sold in 2024
The year 2024 is in the starting blocks and forecasts are already being made for next year. This also applies to S&P Global Mobility, which expresses its expectations for global car sales next year. According to the data provider, car sales will increase significantly in 2024.
For a long time, the automotive industry (like many other industries) suffered from supply chain bottlenecks, which had a negative impact on production figures. This now appears to be the case in the automotive sector as well Supply chain issues largely left behind.
88.2 million cars
That doesn’t mean everything will go smoothly now. There are still uncertainties that worry both automakers and buyers. For example, cars are becoming more and more expensive due to the transition to electric driving and the question arises as to whether the power grid can handle it all.
Nevertheless, S&P Global Mobility expects global car sales to increase. The company assumes that up to 88.2 million new cars will be sold in 2024. That would mean annual growth of 2.8 percent. Less extreme growth than this year. In 2023, sales increased by almost 9 percent.
16 percent are expected to be EV
The main reason is that many factories can run at full speed again. This does not apply to the production lines where Volkswagen’s electric cars are manufactured. Electric car sales from many traditional automakers have been somewhat disappointing, forcing factories to produce less than possible. The fact that Germany is suddenly stopping subsidies for electric cars is an additional slap in the face for manufacturers.
However, this does not change the fact that the transition to electric vehicles is unstoppable, according to S&P Global Mobility. The data provider assumes that more than 16 percent of all new cars sold will be electric vehicles by 2024. This year it is still around 12 percent. More than 345,000 new cars were sold in the Netherlands this year (up to and including November). The most popular model was an electric vehicle, namely the Tesla Model Y. 12,284 units were sold up to and including November 2023.