Globally, car sales saw an overall increase of almost 9% in the first three quarters of 2023. EU car sales witnessed a surge of nearly 17% while China’s car market showed lower growth of 0.2% and Japan and the U.S. sales grew by 18% and 15%, respectively. The electric vehicle market flourished. Battery electric car sales are anticipated to constitute 14.5% of the EU market by the end of the year while EVs including plug in hybrids are on track to make up 9% of U.S. sales this year. 

While 2023 showed a strong rebound in light vehicle sales, the outlook for 2024 is marked by more moderate growth, expected at 2-3%. Industry analysts anticipate a focus on electrification as a key operational area, while technological developments like autonomous driving and solid-state batteries are also expected to influence the industry landscape.

Source : https://www.researchandmarkets.com/issues/global-car-sales-increase-almost-9pct-in-2023