Global auto market shrank 14% in 2020

According to Inovev's calculations, the global vehicle market (passenger cars and heavy, medium and light utility vehicles) would have shrunk by 14% in 2020, following the coronavirus crisis. Sales volumes are not final because some countries have not yet communicated their figures, but the numbers of countries (more than 35 countries) on which Inovev is working is sufficiently representative to figure out the 2020 decline.


The most critical period was spring 2020 (from mid-March to mid-June) when many plants closed between one and two months depending on the country. The level of the world market in the second half of 2020 returned to the level of 2019, but it should be remembered that the second half of 2019 was less good than the second half of 2018, 2017 and 2016. In addition, more vehicles were sold for several months than produced, resulting in reduced stocks. In conclusion, the decline in production has been greater than the decline in the market, globally, and the year 2021 should be the year of restocking.


By country, we can observe that China has faced the Covid-19 crisis well in 2020, and therefore this country is increasing its lead over the others, its global market share having reached a record last year (33%). One in three cars sold in the world is therefore registered in China. The USA occupy a world market share of 19% and Europe (29 countries) of 18%, down sharply compared to 2019 (-23.5%). These three major markets alone represent 70% of the world market. They are well ahead of Japan (6%), India (4%), Brazil (3%), Korea (2%), Russia (2%) and Canada (2%) which together represent nearly 20% of the world market.



    
 

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