The global market (passenger cars + light commercial vehicles) increased by 1.7% in 2024 compared to 2023
- According to Inovev, the global automotive market (passenger cars + light utility vehicles) increased by 1.7% in 2024 compared to 2023. This weak growth reflects a clear slowdown in the growth of global production since 2023 ended with an increase of 12.9% compared to 2022, after three years of crisis. The years 2020, 2021 and 2022 were marked by the COVID crisis (2020), then by the semiconductor crisis (2021), then by the supply crisis (2022) amplified by the beginning of the Russo-Ukrainian war and by the strong inflation growth.
- These three years have resulted in a total loss of between 30 million and 40 million vehicles, but the catch-up in 2023 and 2024 has only offset a small part of this volume, returning to a level reached in 2019, but which was already lower than those of the years 2016-2017-2018. The volume of new vehicle registrations (passenger cars + light utility vehicles) barely exceeds 82.2 million units in 2024, compared to nearly 81 million in 2023, 82.2 million in 2019 and 86 million in 2018.
- The most dynamic countries in 2024 were curiously Russia and Ukraine, two countries at war with each other, but apparently only affecting a small part of Ukraine today (20% of the territory located in the east of the country) pending a hypothetical ceasefire. The Russian market grew by 48% in 2024 and Ukraine by 24%, illustrating a partial recovery after two lean years. We also note the good performance of Canada (+9.0%) and Mexico (+9.9%), two countries targeted by the Trump administration (project of additional tariff on their exports to US). Brazil also performed well (+7.6%).
- Europe was relatively stable (-0.7%), will S.Korea (-5.6%), Japan (-7.5%) and Argentina (-5.9%) declined. Small increases for China (+3%), India (+3.4%) and the USA (+2.4%).