Slight increase for global car sales in 2024
In 2024, global car sales reached 74.6 million units, marking a 2.5% increase compared to 2023, according to the European Automobile Manufacturers Association (ACEA).
Although supply chain challenges continued to ease, regional trends differed widely, with some markets experiencing strong growth and others facing declines.
Europe's car market grew by 3.9% in 2024, with total sales reaching 16.1 million units.
Car sales in North America recorded a 3.8% growth.
Passenger car sales in the South American region surpassed 3 million units in 2024, with total car sales increasing by 6.5%.
In Asia, Japanese car sales declined by 7% in 2024, impacted by the phased reduction of government subsidies and the persistent effects of a weak domestic currency.
With a strong recovery in the final quarter of 2024, Chinese car sales reached nearly 23 million units, marking a 2.6% year-over-year increase, largely benefiting from government tax incentives. Notably, China accounted for a third of global car sales.
Global car manufacturing totalled 75.5 million units, a slight 0.5% decline from the previous year. European car production declined by 4.6% in 2024 to 14.4 million units.
In North America, production decreased by 3.2%, resulting in 11.4 million cars produced last year. South American car production rose by 1.7% compared to 2023.
Car production in Asia continued its upward trajectory in 2024, growing by 1.5% to nearly 46 million cars. This growth was primarily driven by China, which saw a robust 5.2% increase, further solidifying its position as the world’s largest car producer with a 35.4% market share.
In 2024, the export value of EU-made cars to the United States fell by 4.6%. The steepest decline was in China, with a 25.5% drop, due to rising competition from domestic vehicle manufacturers. Exports to Switzerland and Turkey also dropped by 9.9% and 7.6%, respectively. On the other hand, exports to the UK grew by 2%.
Despite the mixed picture, the US and the UK collectively account for nearly half of the EU's new car exports in value.
