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

-According to a report by GlobalData as of Q3 2024, global light vehicle sales are forecast to increase by 1.9% YoY to 88.5 mn.

-The global Light Vehicle (LV) market continues to grow in year-on-year (YoY) terms, even though the pace is somewhat slower than last year. The rate of growth for 2024 is also now expected to be more sluggish than three months ago, at around the 2% mark in YoY terms (down from 2.6%). There have been some positive adjustments made, most notably in China, but overall, the more conservative adjustments to the Japanese, Western European and Northern American forecasts have outweighed the positives.

-The picture on vehicle pricing is somewhat contrasting when looking at the likes of China, where there is a price war, compared to Europe and North America where consumers continue to face high pricing which is dragging on demand. While vehicle pricing in North America is down on record peaks, in Western Europe, it is still around all-time highs.