Global market will not return to 2019 level until 2024
- The coronavirus crisis led the population to be confined for several months as well as to the closure of factories and automotive dealers for a period of time varying from one region to another and from one manufacturer to another. But this time was long enough for the world market to collapse by 15% to 30% in 2020 depending on the region.
- According to Inovev, the global automotive market will not return to 2019 levels until 2024.
- Indeed, taking into account our market forecasts by country and by region between 2020 and 2025, we observe that the three largest world markets - Europe, China and the United States - will total 50.6 million registrations. (PC + LCV) in 2020 compared to 60.8 million units in 2019, 54.1 million units in 2021, 56.5 million units in 2022, 58.9 million in 2023 and 60.8 million in 2024. We can see that the level of 2019 will only be reached again from 2024.
- If we take into account all the world markets, the situation remains the same. Our forecasts of the world market indeed show 75.9 million registrations in 2020 against 89.3 million units (which represents a decrease of 15%), 80.8 million units in 2021, 83, 8 million units in 2022, 87.1 million units in 2023 and 89.6 million units in 2024. The level of 2019 will only be reached again from 2024.
- Note that the year 2019 was not a production record, since the years 2016, 2017, 2018 had a higher number of registrations: 91.8 million in 2016, 94.0 million in 2017 and 93, 3 million in 2018.
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