INDUSTRY REPORT
“ Despite persistent geopolitical tensions and economic uncertainties , the global automotive industry has exhibited robust growth throughout 2023 .”
INDUSTRY REPORT
PICKING UP THE PACE
Toyota RAV4 Prime ( 2023 ) in the snow ( image : Michael Steinman , Unsplash ).
According to a research report , " Global Automotive Industry Outlook 2024 " by MarketsandMarkets , the global automotive sales is estimated to grow from over 91 million units in 2023 to cross 96 million units by 2024 , at a steady year-on-year growth rate of 5-7 %. This is backed by a strong recovery in commercial vehicles and the electrification trend in passenger cars .
“ Despite persistent geopolitical tensions and economic uncertainties , the global automotive industry has exhibited robust growth throughout 2023 . Overall , sales volumes in the automotive sector expanded by 10-15 % during this period to cross 91 million units , with both the passenger vehicle and commercial vehicle segments experiencing commendable growth . The commercial vehicles segment demonstrated a growth of 18-20 % in 2023 over the previous year ,” said the report .
“ Strong economic growth and an increase in infrastructure projects led commercial vehicle sales growth in Asia Pacific , particularly China and India . The electric passenger cars segment registered a growth of over 35 % in 2023 compared to the previous year ,” it continued .
The electric passenger cars segment registered a growth of over 35 % in 2023 compared to the previous year
Looking ahead
We outline trends , challenges and opportunities in global automotive markets for manufacturers .
The report expects challenges such as geopolitical tensions , escalating commodity prices and increasing interest rates to impede markets in North America and Europe . Nonetheless , the Asia Pacific region is anticipated to surge forward , driven by the presence of major growing economies and sizable automotive markets , particularly in China and India .
“ Within the passenger vehicle segment , SUVs have consistently
26 | ismr . net | ISMR February 2024