Q3 2024 Automotive industry demand forecast

The data in these demand graphs is based on APC insight gathered from UK OEMs on xEV production; APC and Automotive Council PEMD traction specifications; and powertrain split forecasts from Su0026amp;P Global IHS Markit. Rho Motion, BloombergNEF (BNEF), and Wood Mackenzie have also guided the demand forecast.

 Key headlines

Some key takeouts from the report include:

    • Annual UK vehicle production to hit 1.2 million by 2035
    • Battery electric vehicles growing in market share over the next decade 
    • Hybrids gaining traction in market share in the near–term
    • Impact of turbulent year being felt globally, affecting short-term transition to electric vehicles, with recovery anticipated by 2035 
    • Investment needed in European and UK battery cell supply chains to meet future production demand
    • A focus on the UK’s competitiveness for LFP battery-cell chemistries following increased appetite from automakers 

Published: 20/01/2025

Q3 2024 Automotive industry demand forecast

Our Q3 2024 Quarterly Automotive Demand Forecast reports that our predicted figures for 2035 are largely on track with our prior forecast position in the Q1 demand report 2024, acknowledging some near-term reductions reflecting recent market conditions.