Forecast for the automotive market in 2024
Publication time:2023-12-27    Source of the article:

With the continuous progress of science and technology and people's increasing attention to environmental protection, the automotive industry is undergoing a profound change. In 2024, we predict that the automotive market will continue to evolve towards electrification and intelligence, two major trends that will lead the automotive industry in a new era. This article will forecast the direction of the automotive market in the coming years and explore the opportunities and challenges arising from the relevant changes.

The electrification trend continues to grow

The electric vehicle market has seen significant growth over the past few years, and this trend will continue to accelerate in 2024. Many countries and regions have introduced policies to encourage the purchase and use of electric vehicles, while the technology and charging infrastructure for electric vehicles are also improving. It is expected that sales of electric vehicles will continue to grow and occupy a certain share of the automotive market by 2024. This will push traditional car manufacturers to increase research and development and investment in electric vehicles, while also attracting more new entrants to the market.


The integration of intelligent technology is accelerating

Advances in artificial intelligence, the Internet of Things and autonomous driving technologies will further promote the intelligent development of cars. It is expected that by 2024, intelligent driving technology will be more mature and gradually commercialized. Smart cars will have more advanced driver assistance features to provide a safer and more convenient driving experience. In addition, intelligent technology will also give cars more connectivity capabilities to achieve the popularity of car networking. Consumers will pay more attention to the intelligent level of cars, which will become one of the important factors to consider when buying a car.


Diversification of new energy models

In 2023, the market continued to improve, and the industry sales volume from January to November was 26.91 illion, an increase of 10.7%, and it is expected that the annual sales volume in 2023 will exceed 30 million, and the sales volume will hit a record high. Sales growth is mainly driven by new energy and exports, new energy sales may exceed 9.5 million units, an increase of 40.1% (penetration rate increased to 31.8%), export sales may reach 4.7 million units. In addition to traditional pure electric vehicles, there will be more hybrid vehicles, fuel cell vehicles and vehicles powered by renewable energy in the future. These new models will meet consumers' pursuit of different mobility needs and further promote the automotive industry towards a more environmentally friendly and sustainable direction.


The rise of the sharing economy will have a profound impact on the car market. It is expected that by 2024, the shared mobility model will be further popularized, especially in urban areas. The car-sharing platform will provide more diversified services, including short-distance travel, long-distance carpooling and private car services. This will reduce urban traffic congestion and promote the efficient use of automotive resources, while also changing the perception of car ownership to focus more on the experience of use than ownership.

Ongoing challenges

While the automotive industry faces great opportunities, it also comes with some challenges. First, the construction of charging infrastructure still needs to be strengthened to meet the rapidly growing demand for electric vehicles. Secondly, the development of intelligent technology also requires enhanced data security and privacy protection to prevent potential risks and abuse. In addition, the cost of new energy vehicles is still high, and it is necessary to further promote technological progress and reduce manufacturing costs. Finally, traditional automakers need to adapt to change and accelerate the pace of transformation to remain competitive.

In 2024, the automotive market will continue to develop in the direction of electrification and intelligence. Sales of electric vehicles will continue to grow, and intelligent technology will be more mature. New energy models will be diversified, and shared travel modes will be popularized. However, the industry still faces some challenges, such as charging infrastructure construction, data security and cost issues. For car manufacturers, it is necessary to seize the opportunity and actively transform to adapt to the needs of this era of change. The future of the automotive market is full of promise and potential, and we look forward to seeing new innovations and developments unfold in the automotive market in 2024.

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