The global automotive market will decline by 15% in 2020
- The global automotive market (passenger cars and light utility vehicles) fell by 15.7% over the ten months of 2020, compared to the firs ten months of 2019. This decline is broken down as follows: -18.2% for passenger cars and -9.6% for light utility vehicles.
This decline in vehicle sales in 2020 is the result of the coronavirus crisis, which affected the whole world but more particularly the populations of Europe and America, those located in Asia having been less affected.
This decline in vehicle sales in 2020 is the result of the coronavirus crisis, which affected the whole world but more particularly the populations of Europe and America, those located in Asia having been less affected.
- The decline in vehicle sales was especially significant during the 2020 spring, when most of the major countries have established lock down for their populations. Sales, however, continued at an almost normal rhythm in countries where there was no or light lock down. These sales were made on existing stock for markets sourcing their cars from countries where factories has been stopped. This is the reason why stocks usually calibrated for one month of sales have fallen to very low volumes, the lowest in many years.
- Since the summer of 2020, global sales have started to rise again and are approaching pre-crisis levels except in Europe, where there is still a drop in sales of around 27% over the ten months in 2020. In Asia, the sales drop did not exceed 13.5% over the same period (a drop twice that of Europe). As for South and North Americas, the sales drop did not exceed 20%, a drop halfway between Europe and Asia.
- Based on these elements and a probable improvement in November and December, especially noticeable in Asia, Inovev expects the global automotive market to decline by 15% over the whole of 2020.
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