The global automotive market (PC+LUV) fell by 2% in 2022
- According to Inovev's calculations, the global light vehicle market (PC+LUV) fell by 2% in 2022 compared to 2021, representing a loss of nearly 2 million vehicles.
- Sales of passenger cars increased slightly (+0.4%), driven by strong growth recorded in China (+2 million units) and India (+700,000 units), which compensated for the drop in sales of passenger cars in Europe, Russia and the United States (-2.3 million for all of these three markets).
- On the other hand, it was sales of utility vehicles that weighed down the results recorded in 2022. These posted an overall drop of 12.5% (-1.9 million units) primarily attributable to China ( - 1.5 million units) and second to Europe (- 365,000 units) and the United States (- 335,000 units). These three markets lost 2.2 million utility vehicles in 2022, modestly offset by an increase of 300,000 units in India.
- In total, Inovev estimates the global automotive market (PC+LUV) at 73 million light vehicles in 2022 compared to 74.5 million in 2021, 72 million in 2020 and 80 million in 2019.
- Barring the possible emergence of a global recession, we can estimate that the year 2023 will see modest growth, which could enable a return to a level of 74 million light vehicles sold over the whole of the year, which represents a slight 1.5% increase. It is to be noted that in 2022, China represents 35% of global sales, compared to 33% in 2021.