January 15th, 2024, Bhavika Bansal
In what is expected to be a year of recovery for the global automotive industry, a recent study by S&P Global Mobility estimates that 88.3 million new vehicle sales can be expected in 2024. Using data from YouGov Global Profiles, this piece shines a light on what the new car buying landscape is likely to look like in 2024.
More than a quarter of our internationally polled consumers – across 48 international markets – indicate an intent to buy a new car in the next 12 months (28%). A closer look at the data for 18 key markets reveals some interesting differences.
Significantly outpacing the global average, two-fifths of consumers in India (40%), China (39%) and the UAE (38%) are likely to purchase a new car in the next 12 months.
Unlike their neighbors in India and China, however, consumers in Australia, Hong Kong, and Singapore are far less likely to purchase a new car in 2024 (20%, 19%, and 11% respectively).
Similarly, the share of adults intending to buy a new car in the next year drops drastically when it comes to key European and North American markets.
While more than a fifth of consumers in Mexico say they are likely to buy a new car in 2024 (22%), this share drops to just 14% among consumers in Canada and the US.
Except Spain and Italy, all other European markets we look at here register less than a tenth of respondents who intend to buy a new car in the next 12 months (France, 9%; Denmark, 9%; Poland, 8%; Germany, 8%, Great Britain, 5%).
A look at the global data – for all 48 markets – by age and gender demographics reveals that internationally, men are substantially likelier to buy a new car in the next 12 months than women (32% vs. 24%).
While more than a third of our 35-to-44-year-old and 25-to-34-year-old respondents indicate intent to purchase a new car in the next year (36% and 34%), this proportion falls to just 18% when it comes to adults aged 55 and above.
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YouGov Global Profiles is a globally consistent audience dataset with 1000+ questions across 48 markets. The data is based on continuously collected data from adults aged 16+ years in China and 18+ years in other markets. The sample sizes for YouGov Global Profiles will fluctuate over time, however the minimum sample size is always c.1000. Data from each market uses a nationally representative sample apart from India and UAE, which use urban representative samples, and China, Egypt, Hong Kong, Indonesia, Malaysia, Morocco, Philippines, South Africa, Taiwan, Thailand and Vietnam, which use online representative samples. Learn more about Global Profiles.