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2024-11-19

#11 - Executive Talks by RanLOS

Trends and global car sales in 2024

The automotive industry saw some notable developments during the first half of 2024. In this episode of Executive Talks, we highlight global car sales and dive into the status and progress of the European market.

Global car sales: A positive start to 2024
Car sales worldwide have increased slightly during the first half of 2024. Although this growth wasn’t as strong as in 2023, regions like Europe, China, and the USA contributed significantly to the rise.

  • Europe: Sales up by over 4%
  • China: Sales up by over 6%
  • USA: Sales up by over 2%
  • Japan: Decrease in sales in the first half of 2024

Looking ahead, sales are expected to grow further in the second half of 2024 but at a slower rate. By the end of the year, global sales are predicted to rise by around 1.8%, with another 2.5% increase forecasted for 2025.

Production trends: A small decrease
While sales are rising, global car production is expected to decline by about 1–2% in 2024. This is largely due to high inventory levels, especially of electric vehicles built up during 2023. Companies are now focusing on selling these stockpiles, which has led to a temporary slowdown in production.

European market development
The European market continues to perform well, with 6.9 million cars sold in the first half of 2024 – a 4.4% increase compared to the previous year. Among Europe’s five largest car markets:

  • France: Sales grew by 3%.
  • Germany, UK, Italy, and Spain: Each market saw sales growth of 5–6%.

The top car brands in Europe remain Volkswagen, Stellantis, and Renault. While Stellantis reported only a small increase, Volkswagen and Renault both grew by 3–4%.

Electric vehicles and European manufacturing
Germany has an important role in electric vehicle production, with around half of its factories dedicated to EVs. The UK also stands out, underlining Europe’s focus on sustainable transportation and innovation.

Summary
The first half of 2024 has shown steady progress in global car sales, with Europe also showing a positive impact and driving growth. As the industry responds to new demands and market changes, the shift toward electric vehicles remains a major focus.

For more updates and insights, make sure to follow RanLOS on LinkedIn.

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