⋆An updated version of this forecast report will be released every quarter

-According to a report by GlobalData as of Q4 2023, global light vehicle sales in 2023 is estimated to increase by 10.8% y/y to 89.8 million units. The short-term outlook has improved since the previous report, with an upward revision of 1.9 million annual sales in 2023.

-For 2024 and 2025, annual sales volumes have also been revised upwards by around 0.7 million units. This mainly applies to China and reflects better-than-expected growth in the second half of 2023. However, the long-term sales forecast has been revised downwards as sales volumes are brought forward.

-For Europe, the sales has improved as a result of improved component supply, which has helped to fulfill the backlog of orders. However, it is assumed that sales volumes in 2024 will depend on latent demand as the outlook for economic growth shows some signs of decline. The US sales forecast for 2024 has been revised slightly upwards. Although vehicle prices remain high, the positive sign for consumers is that incentives have recently begun to increase, and that interest rate cuts could reduce the burden of car loans in 2024.