Top 50 Predictions for the Global Automotive Market in 2024

Top 50 Predictions for the Global Automotive Market in 2024

In 2024, the Automotive Market will Experience a 1.3% Increase in Global Sales of Light Vehicles, with the Top 5 Markets Accounting for 65% of All New Light Vehicles

Frost & Sullivan’s Business Strategy and Innovation Group specializes in research about current events, disruptive technologies, emerging trends, new forms of mobility, and megatrends influencing the mobility landscape.

This report presents Frost & Sullivan’s Top 50 predictions on the trends that will drive the global mobility industry in 2024. These predictions were meticulously derived through focus group discussions and polls conducted with key market players.

In 2024, the automotive market will experience a 1.3% increase in global sales of light vehicles (LVs), with the top 5 markets accounting for 65% of all new LVs. Electric vehicle (EV) sales will reach more than 18.5 million units, albeit with a growth rate 10% smaller than in 2023.

Connected vehicle penetration will reach 72% globally. China will strengthen its connected vehicle market, which is second to North America’s. More than a million vehicles will feature lidar sensors. Additionally, China will surpass the United States in the number of cities that offer robo-taxi services.

Corporate mobility projects will increase by 20% to 30%, thanks to EU regulations and high fleet adoption rates. While 2023 was a challenging year for free-floating car-sharing, fleet growth will remain above 15% in 2024. In addition, replacement revenues will benefit from positive real demand because inflation will diminish, reaching an estimated year-over-year (YoY) growth of 6.9%.

Frost & Sullivan’s Growth Accelerators are companies at the forefront of driving growth in their respective industries. These companies accelerate growth by continuously innovating and creating new technologies, solutions, platforms, business models, or strategies that serve ever-evolving customer needs. These companies are also best positioned to expand market growth by strategically broadening and/or enhancing their product portfolio. Accelerating new growth opportunities is never an easy task. Still, it is one made even more difficult considering today’s strategic imperatives, from disruptive technologies and value chain compression to industry convergence and new business models. In this context, recognition as a Growth Accelerator signifies an incredible accomplishment.

Top Predictions for 2024
Strategic Imperatives
Global LV Sales by Region in 2023 and 2024F—Snapshot
Key Markets in 2023
Top 5 Markets by Sales Volume, Forecast to 2024
Top 10 Predictions for EVs in 2024
Top 10 Predictions for Safety and Connected Vehicles in 2024
Top 10 Predictions for ADAS and Autonomous Vehicles in 2024
Top 10 Predictions for the Shared Mobility Market in 2024
Top 10 Predictions for the Automotive Aftermarket in 2024
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