Top 50 Predictions for the Global Automotive Market in 2024

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%.

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Author: Joe Praveen