88,3 Million New Cars Expected to be Sold in 2024

Over 88 million new cars are expected to be sold in 2024 with EVs expectedly on the rise. Here are how many EVs are expected to sell in the new year while having a look at South Africa’s past performance. new cars

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With 2024 fast approaching, S&P Global Mobility forecasts a notable surge in global new vehicle sales. The projection foresees a substantial 88,3 million new vehicles entering the global market next year, reflecting a 2,8% year-over-year increase. The local automotive manufacturing sector contributes over half a million units annually, with 555 889 units produced by the close of 2022, representing an increase of 11,8% from a recovering post-pandemic 2021 economy. During last year, South Africa declined from 21st to 22nd in global vehicle production rankings. Stay tuned for a full overview of annual production over the course of 2023 in the coming weeks.

Related: BMW Development Boss says M3 will go All-Electric 

This positive outlook both locally and internationally is supported by the ongoing recovery in car production, with supply chains and demand gathering momentum. However, as the recovery gains momentum, concerns emerge regarding potential challenges such as heightened vehicle pricing, challenging credit conditions, and the impact of ongoing electrification efforts on consumer behaviour. Projections for 2023 are similarly encouraging, with an expected 8,9% increase in global light vehicle sales compared to the previous year, reaching nearly 86,0 million units. This upswing is attributed to ongoing output gains as supply chains normalize, and efforts to replenish inventory continue to stimulate demand.

Related: Toyota Hilux Retains Top Spot In Bakkie Sales Leaderboard

S&P Global Mobility also anticipates an unstoppable shift towards electrification, despite uncertainties in Europe and the US. Several automakers have reiterated their commitment to electrification in the coming years, recognizing the challenges associated with scaling up the production of more affordable electric vehicles (EVs). The agency dispels any speculations about the decline of electric vehicles, projecting global sales for battery electric passenger vehicles to reach 13,3 million units in 2024, constituting an estimated 16,2 percent of global passenger vehicle sales. This follows an estimated 12% market share in 2023, with 9,6 million BEVs sold.

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The post 88,3 Million New Cars Expected to be Sold in 2024 appeared first on CAR Magazine.


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