Light vehicle sales saw a strong rebound in 2023, reflecting excess demand from previous years that were disrupted by the Covid-19 pandemic and supply chain disruptions. We expect the European and US markets to achieve double-digit growth this year, with global light vehicle sales to grow by around 8% in 2023. The outlook for next year is less certain, but after a few years of moderate production We currently still expect modest growth in 2024.
After such a notable rebound, we expect next year’s growth rate to moderate to 2-3%, with the three largest automotive markets – China, the United States and Europe – growing within that range. We expect a more balanced outlook between production and sales in 2024, which will reflect greater synchronization between supply and demand next year.