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GlobalData Global Light Vehicle Sales Update (July 2024)
2024/08/15
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Summary
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Commentary
Summary
- The Global Light Vehicle (LV) selling rate neared 91 mn units/year in July, the best result of the year so far. However, in year-on-year (YoY) terms, market volumes were marginally down on July 2023. Year-to-date (YTD), the market remains in positive territory, up just under 2%.
- Sales in China maintained a solid pace as NEVs sales continue to gain traction. In the US, YoY sales declined as high vehicle pricing and concerns over the economy weighed on vehicle consumers. The same can be said for Western Europe, which saw its selling rate struggle in July. Meanwhile, the Japanese market surged as supply has begun to catch up from the losses created by the previous vehicle certification issues.
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