Data compiled by GlobalData, a leading data and analytics company, shows that global light vehicle sales fell 33.8% in May to 4.9 million from 7.5 million a year ago.
“The May result is is an improvement on April’s showing when sales fell 47.5% bringing a record low SAAR for the global market,” says Calum MacRae, Automotive Analyst at GlobalData.
The global market in May was boosted by improvements in China’s light vehicle sales which were 8.1% ahead at 1.94 million. The worst performing regions were South America, down 70% to just over 114,000 units and Europe down 54% to just under 850,000 units.
GlobalData’s forecast for the year stands at 73.7 million light vehicles sold globally, 17.2% down on 2019’s result.
MacRae points out that May’s results mean that year-to-date, the global light vehicle market is down a hefty 31.3%, but with the seasonally adjusted annualised running rate (SAAR) up to 59.8 million in May from April’s record low of 48.2 million.
“May’s results affirmed our belief that April represented the low-point for the global market. We believe markets will begin the long climb back and we’ll begin to get more signals on market demand for the rest of the year,” says Macrae.
“The coming months will reveal the extent of economic scarring, if there’s any significant pent-up demand or if markets need a kickstart from government-sponsored scrappage schemes.”