Global car sales experienced a 2.5% increase in 2024, totalling 74.6 million units, according to the latest European Automobile Manufacturers’ Association (ACEA) Economic and Market Report.
The Report, which provides a comprehensive analysis of the global and European automotive industry’s performance for the full year 2024, revealed that the EU car market saw modest growth of 0.8%, with total sales reaching 10.6 million units. Notably, Spain demonstrated resilience with a solid 7.1% growth rate, while declines were observed in France (-3.2%), Germany (-1%), and Italy (-0.5%).
In North America, car sales grew by 3.8%, whereas Japan and South Korea faced declines of 7% and 5.1%, respectively. China’s car market showed a strong recovery in the final quarter, with sales reaching nearly 23 million units, accounting for 31% of global car sales.
The ACEA 2024 Report highlights that global car manufacturing totalled 75.5 million units in 2024. The EU’s car production fell by 6.2%, reflecting weaker industry confidence compared to other European manufacturing sectors. North America’s production decreased by 3.2%, resulting in 11.4 million cars produced.
Conversely, South America experienced a 1.7% production increase, driven by Brazil’s 6.3% rise, producing around 1.9 million cars. China solidified its position as the world’s largest car producer with a 5.2% increase, capturing a 35.4% market share, while production in Japan and South Korea declined by 8.6% and 1.2%, respectively.
Despite declines in both import and export values and volumes, the EU maintained a trade surplus exceeding €81 billion in 2024, though this represented a 5.9% decline compared to 2023. China remained the primary source of new EU car imports in terms of value, claiming a 17.2% market share.
While the United States remained the EU’s top trade partner, the export value of EU-made cars to the US fell by 4.6%. Collectively, the US and the UK accounted for nearly half of the EU’s new car exports by value. In terms of export volumes, there was a broad decline across the EU’s top destinations.
In the commercial vehicle sector, North America led with a 1.7% increase in sales compared to 2023, reaching 4 million units and representing a 30% market share. New EU van sales increased by 8.3%, and the bus segment grew by 9.2%. In contrast, new EU truck registrations declined by 6.3% in 2024, totalling 327,896 units. Diesel remained the preferred choice for new EU commercial vehicle buyers.
Global van production declined by 4.6% in 2024, with the Americas being the only region to see output increase. Global truck production declined by 8.3%, contrasting with South America’s surge of 37.1%. World bus production reached 362,005 units, an increase of 10.3% compared to 2023.
The EU’s van and truck trade saw decreases in both import and export values in 2024. While import values for buses increased by 6.4%, export values fell by 19.2%.
