In its latest analysis, IHS Markit has revised its global light vehicle sales and production forecasts due to the COVID-19 impact. IHS Markit's latest study now projects light vehicle sales to be 69.6 million units, while production is predicted to fall to 69.3 million units.
Below are some of the significant sales and production forecasts from around the world.
North America
North American 2020 sales forecast has dropped to 12.5 million units, a 26.7 percent decrease from 2019. North American production is expected to drop to 12.2 million units, a 25 percent decrease from 2019.
Europe
Europe 2020 sales forecast has dropped to 15.5 million units, a 24.6 percent decrease from 2019. Production is predicted to drop to 15.9 million units, a 33 percent decrease from 2019.
China
The Greater China 2020 sales forecast has dropped to 21.4 million units, a drop of 15 percent from 2019. Production is projected to drop to 20.9 million units in 2020, a 15 percent decrease from 2019.
In Conclusion
This pandemic presents uncertainty throughout the entire global automotive industry. There is an expected cycle of decline, stabilization, and recovery that will vary for each market based on the country's containment strategies and policies. We will continue to share the forecasts as they are available.
