Automotive Industry Market Growth forecast for 2024
Automotive Industry Market Growth in 2024: A Detailed Overview As we look toward 2024, the automotive industry is navigating a complex landscape of recovery and transformation. According to S&P Global Mobility, the industry is forecasted to sell 88.3 million new vehicles worldwide in 2024, a 2.8% increase year-over-year. This growth is part of a recovery trajectory following the challenges posed by the COVID-19 pandemic and subsequent supply chain disruptions. Key Highlights: Global Sales Forecast : The global new light vehicle sales in 2024 will see a 2.8% increase year-over-year, continuing the recovery supported by pent-up consumer demand despite challenges like high vehicle pricing and credit conditions. 2023 Performance : The full-year 2023 global light vehicle sales are projected to reach nearly 86.0 million units, an 8.9% increase from 2022 levels. This increase has been attributed to ongoing output gains from restocking inventories as supply chains normalize. Regional For