Global car sales are expected to decline by 22% in 2020 due to Covid-19

Leading by the US, global car sales are expected to decline by 22% as factories close and consumers are quarantined at home. IHS Markit h...


Leading by the US, global car sales are expected to decline by 22% as factories close and consumers are quarantined at home.

IHS Markit has lowered its forecast for global car sales to fall 22% in 2020 to 70.3 million vehicles. Leading by the US with a decrease of 26.6% to 12.5 million vehicles compared to last year.
Domestic sales will be the lowest since 11.6 million cars and trucks were sold in 2010. That's when the auto industry emerged from the Great Recession. This is also a reduction compared to the forecast of IHS Markit in March 2020 of 12%.

Colin Couchman, executive director, forecasts global automotive demand at IHS Markit. He said: "The sudden and abrupt nature of the impacts of the Covid-19 pandemic is strongly affecting the automotive sector. With unprecedented levels of uncertainty surrounding the prospect of full recovery. Luck in the market is expected to be disturbed. The reason is due to the delayed demand and destruction, along with the disruption of global supply. "


IHS Markit has lowered its forecast for global car sales to fall 22% in 2020 to 70.3 million vehicles, led by the US with a 26.6% decline to 12.5 million vehicles compared to last year.

In the US, many dealer showrooms are closed, but retailers can sell cars online. Although this rhyme is better than being forced to shut down completely, as some states originally intended to do. But online sales are not enough to fill the shortage of dealers, showrooms.

IHS predicts that China, the world's largest automobile market, is expected to fall by more than 15.5% to 21 million vehicles by 2020. Concerns about the secondary impact from global infection could make interrupt recovery. Even though most of the factories were reopened after the nationwide closure to prevent the spread of the pandemic.

Meanwhile, throughout Western and Central Europe, IHS expects sales to fall 24.9% to 13.9 million vehicles this year. The company said European markets will undergo combined recovery cycles. It is based on local restrictions and guidelines, along with economic support and offers various purchasing stimuli.
Europe is still applying social spacing, especially in Spain, France, Italy and England.

When sales collapsed, so did car production. Global light vehicle production is expected to decrease by 21.2% due to Covid-19, about 18.8 million vehicles compared to 2019.
IHS forecasts match those of other companies, including J.D. Power. They forecast US auto sales this year to be around 12.5 - 14.5 million vehicles, down from an expected 16.5 to 17 million cars before the pandemic.

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High Tech Brain: Global car sales are expected to decline by 22% in 2020 due to Covid-19
Global car sales are expected to decline by 22% in 2020 due to Covid-19
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