Worldwide light vehicle sales growth - outlook 2017-2024

Light vehicle sales are projected to increase by about 7.7 percent in 2023 year-on-year. Projections for 2024 are equally optimistic. It is expected that in 2024, light vehicle sales will grow by 2.6 percent year-on-year.

Global market recovery

Car sales slumped during the second quarter of 2020 due to the outbreak of the coronavirus pandemic in key markets. However, there were strong signs of improvement from the next quarter onwards. Worldwide, Ford Motor's vehicle wholesales were higher in 2020's third quarter than in the first quarter of that same year. November 2020 showed the highest level of monthly automobile sales in China in 12 months. In 2022, global sales contracted by 0.6 percent year-on-year.

The electric vehicle opportunity

In 20220, the EU's share of new passenger electric vehicles accounted for over 12 percent, a significant year-on-year increase. How the transition from conventional cars to electric vehicles will affect sales is open to question. That said, investments in charging infrastructure and the extension of current and new governmental subsidy programs for purchasing electric vehicles could facilitate even higher numbers soon.