The automotive industry is undergoing a huge transformation towards electric mobility, however the future prospects seem optimistic according to the latest report from “S&P Global Mobility“.
The consultancy predicts a significant increase in global sales of new vehicles, which are expected to reach 88.3 million units, representing a 2.8% increase compared to the estimated sales at the end of 2023.
This optimistic outlook is supported by the ongoing recovery of automotive production, as well as supply chains and a recovery in demand.
However, “S&P Global Mobility” remains cautious about the prospects for recovery, as consumer demand is being hindered by high vehicle prices, challenging credit and loan conditions, due to rising interest rates and inflation.
The consultancy predicts that the year 2023 will end with global sales of light vehicles forecasted to increase by 8.9% compared to 2022, reaching almost 86 million units. This increase is attributed to continued production gains as supply chains have been normalizing.
Regarding electric mobility, “S&P Global Mobility” predicts that global sales of 100% electric passenger vehicles will reach 13.3 million units in 2024, representing about 16.2% of global passenger vehicle sales. It is certain that for 2023, estimates point to 9.6 million battery electric vehicles, representing 12% of global sales.
