Seven of the world’s leading motor vehicle producers recorded declines at quarter-on-quarter rates in the first quarter of 2024.
Globally, the automotive sector experienced a decline in production of almost 3%, also in quarter-on-quarter comparison.
Global automotive industry
These results went like this in terms of the main producers:
- China: -3.2 percent.
- United States: 3.5 percent.
- Japan: -12.7 percent.
- Germany: -3.6 percent.
- Republic of Korea: -3.0 percent.
- Mexico: -2.5 percent.
- United Kingdom: 7.7 percent.
- India: -0.2 percent.
- France: -8.1 percent.
- Indonesia: 2.3 percent.
The source of these data is the United Nations Industrial Development Organization (UNIDO).
Motor vehicle producers
According to Modine Manufacturing Co, the global automotive market showed moderate growth in the 12 months ended March 31, 2024.
This was due to a decrease in the shortage of semiconductor chips, especially in Europe and North America.
At the same time, the automotive market in China recovered from the negative effects caused by Covid-19 and previous supply chain problems.
For the 12 months ended March 31, 2025, Modine Manufacturing expects modest growth in the global automotive market.
However, this growth could be limited by inflationary concerns.
Longer term, Modine Manufacturing projects that global automotive market growth will be driven by stricter government regulations on internal combustion engine emissions, technological advancements in vehicles, and expansion in emerging markets.
Trend
UNIDO believes that the 3% drop in the automotive industry in the first quarter of 2024 could be a major sign of a slowdown in the sector.
In addition, the transition to electric motors and other emerging technologies represents a significant global challenge. This transition, together with the ambition to reduce emissions levels, will be crucial in determining the near-term future of the sector.
The performance of industries varied between country groups. Industrial economies experienced moderate quarterly increases in many lower-tech industries. However, they also faced significant losses in higher technology industries.