Global car sales to rise
S&P Global Mobility is projecting a significant upswing in global new-vehicle sales with 88.3 million units to hit the roads in 2024 for a year-on-year increase of 2.8 per cent.
The outlook is underpinned by ongoing recovery in car production with supply chains and demand gaining momentum.
As the recovery gains traction, however, concerns arise about potential headwinds, such as elevated vehicle pricing, challenging credit conditions and the impact of ongoing electrification efforts on consumer behaviour.
S&P Global Mobility also predicts the shift towards electrification appears unstoppable despite uncertainties in Europe and the US. Numerous carmakers have reaffirmed their commitment to electrification in the coming years, while acknowledging the challenges of scaling up production of more affordable EVs.
The agency, which is a leading provider of automotive data, analysis and insights, dispels any rumours of the demise of EVs.
It projects global sales for battery electric passenger vehicles to reach 13.3m units in 2024, constituting an estimated 16.2 per cent of passenger vehicle sales. This follows an estimated 12 per cent market share in 2023 with 9.6m EVs sold.
