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

Looking for your next new or used BMW? Find it here with CARmag. 

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.

Browse thousands of new and used cars here with CARmag.

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


The Car Guide

Comments

Post a Comment

Popular posts from this blog

Topical tips on buying used – Chapter 1

Image
Buying a used car can be harrowing, whether privately or from a dealer. Here are some tips, as well as some things to watch out for. Beware of low mileages, especially on smaller or cheaper cars. It is always possible that the odometer has been turned back. Some things to bear in mind are:- diesels are often bought because they the driver needs to undertake long trips without consuming vast amounts of fuel. This could be a sales rep, or someone travelling large distances to work, lots of lengthy trip for family holidays, etc. So, usually higher mileages than normal. An expensive or luxury car may not see much time on the road, but very seldom a “workhorse”. This makes the executive cars likely to have a lot more life left than the overworked and abused hatchback. These also spend most of their life in a home garage or undercover parking lot at work. Related: Someone paid more for a mint BMW 325iS Evo 2 than a used M4 A vehicle without any service history is a serious disadvantage
Read more

Top 10 Best-Selling Automotive Brands Locally – April 2024

Image
Following eight consecutive months of sales decline, the milestone of celebrating a century of vehicle production locally saw a welcomed increase in the motor industry for April 2024. Have a look at the data below, which sees Toyota drop in sales but retain the top spot, with Suzuki moving into second and Nissan dropping to the bottom of the list without the NP200 rolling off of the production line. Image: Toyota Looking for your next new or used Porsche? Find it here with CARmag! South Africa is marking 2024 as a significant year for its automotive industry, celebrating 100 years of car manufacturing. Mikel Mabasa, CEO of naamsa , the country’s automotive business council, commented, “As the sun rises on a century of automotive innovation, South Africa proudly commemorates a century of automobile manufacturing excellence. This milestone reflects a journey of resilience, ingenuity, and passion that has shaped the nation’s automotive legacy.” Details on how the industry will commem
Read more

Could this teased Lancia sports car be a reborn Stratos?

Image
Lancia recently teased a coupe-looking model, waiting to be unveiled in their Multiverse. Could this then, signify the return of a historic moniker like the Stratos to the struggling automaker? Image: Lancia #MakeLanciaGreatAgain – a social media phrase that has been making the rounds for the better part of a decade. World Rally Championship titles, Formula 1 single-seat winners and some other gems in between. The Italian automaker litters dates in history and motorsport, with some truly revolutionary ideas and models that aided their bid to become one of the most successful motorsport manufacturers of all time. But that is all in the past. Lancia now contends sole markets with a platform-shared model but there have been ambitious plans under Stellantis ownership to kick-start the automaker and make them great again… words that delight so many enthusiasts and aficionados. Related: Automobili Amos debut Martini Racing Livery Lancia Delta and Safarista What better way to do this th
Read more