Revving Up for 2024: Total Automotive Sales to Cross 96 million units in 2024, post strong recovery in the year 2023

According to a research report, "Global Automotive Industry Outlook 2024 " published by MarketsandMarkets, the global automotive sales is estimated to grow from over 91 million units in 2023 to cross 96 million units by 2024 at a steady Y-o-Y growth rate of 5-7% backed by strong recovery in commercial vehicles and electrification trend in passenger cars. The new research report discusses range of ongoing trends ranging from China's EV Dominance to the 'Amazonification' of Vehicle Sales and Smart Manufacturing Revolution.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=77960341

Despite persistent geopolitical tensions and economic uncertainties, the global automotive industry has exhibited robust growth throughout 2023. Overall, sales volumes within the automotive sector expanded by 10-15% during this period to cross 91 million units, with both the passenger vehicle and commercial vehicle segments experiencing commendable growth. The commercial vehicles segment demonstrated a growth of 18-20% in 2023 over the previous year. Strong economic growth and increase in infrastructure projects led the commercial vehicle sales growth in Asia Pacific, particularly China and India. The electric passenger cars segment registered a growth of over 35% in 2023 as compared to the previous year.

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.

Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=77960341

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.

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.

View Detail TOC @ https://www.marketsandmarkets.com/Market-Reports/global-automotive-industry-outlook-77960341.html

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

One stop solution for all Market Research & Consulting needs.

This release was published on openPR.