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The car market is picking up, and the report says global new car sales are expected to reach 88.3 million in 2024.

2024-02-28 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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Shulou(Shulou.com)12/24 Report--

CTOnews.com, December 18 (Xinhua) as the auto industry continues to recover from the COVID-19 epidemic and supply chain shortages, analysts expect global light vehicle sales to grow 2.8 percent to 88.3 million units in 2024.

Global light vehicle sales are expected to be close to 86 million in 2023 and will grow by a further 2.8 per cent in 2024, according to Sipp Global Mobility. This means that global light vehicle sales will increase by 8.9% compared with 2022.

CTOnews.com noted that new car sales will increase in key markets, including Europe, the United States and China, according to the report. New car sales in Europe are expected to grow 2.9 per cent next year to 15.1 million. The European market is expected to grow despite reduced subsidies for electric cars, increased risks of recession and high prices for new cars.

New car sales in the United States are expected to grow 2% next year to 15.9 million units, according to the report. Among them, the market growth of battery electric vehicles (BEV) is particularly strong. By the end of 2024, there will be nearly 100 BEV models available for sale in the United States.

New car sales in china are expected to grow 4.2 per cent next year to 26.4 million. The share of new energy vehicle sales will also continue to increase, jumping to 44% from 36% in 2023.

Interestingly, Snapp Global Mobility believes that global light vehicle production will decline slightly in 2024. In 2023, global light vehicle production was about 89.8 million, an increase of 9 per cent over 2022. However, production is likely to fall 0.4 per cent to 89.4 million vehicles in 2024.

BEV penetration will continue to increase in 2024, the report said. Analysts predict that BEV will account for 16.2% of global passenger car sales in 2024, up from 12% in 2023.

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