The global light vehicle market is on track for a forecast recovery but remains well below pre-pandemic levels, according to the latest analysis by GlobalData, a leading data and analytics company.
“Our analysis points to a slightly disappointing August result for the global vehicle market, but that followed a strong July,” says Calum MacRae, Automotive Analyst at GlobalData.
GlobalData forecasts that the global light vehicle market in 2020 will decline by 16.6% to 74.2 million units.
“The sales pattern this year has unfolded in line with our forecast. The Chinese market took a big hit in Q1 and the second quarter was the global low point when lockdowns across the world caused the market to be 31% down on GlobalData’s pre-Covid projections.
“However, there are grounds for optimism on the back of a gradually improving performance, with the third quarter forecast at just 4% under our pre-Covid projections after global light vehicle sales declined by just 3.7% in July and 9.1% in August.
“It is important to note that risks remain. To hit 74 million units this year, government support for the industry in markets across the world needs to continue. Also, any substantial worsening of the global public health crisis that adversely impacted economies would undoubtedly hit car purchasing intentions.”