News / Market Sales
Auto sales forecast to drop 22.0 percent, with risk for further deterioration
Impacts to global auto demand in the wake of COVID-19 have rapidly progressed to severity levels higher than the 2008-2009 recession, and significant uncertainty around prospects for a meaningful recovery remain. Global light vehicle sales in 2020 are now forecast to drop to 69.6 million units, 22.0 percent lower than in 2019, with risks to the forecast still skewed to the downside.
"The pandemic remains a clear and present danger to the autos sector, with months of uncertainty expected to cloud hopes for global recovery prospects,"
"The expected cycle of decline, stabilization and recovery for autos varies by market, reflecting variations in containment strategies and policy responsiveness," said Colin Couchman, executive director, global autos demand forecasting at IHS Markit.
In recent weeks, Mainland China is seeing green shoots of recovery, while much of the rest of the world remains in lockdown. The IHS Markit forecast for Greater China sales in 2020 sees volume at 21.4 million units, a drop of 15 percent from 2019 levels. Though government incentives could help underpin a more orderly recovery profile, these are not [...]
