Worldwide car sales 2010-2021

Worldwide car sales are expected to grow to around 66 million automobiles in 2021, up from an estimated 63.8 million units in 2020. The sector experienced a downward trend on the back of a slowing global economy and the advent of the coronavirus pandemic in all key economies.

Covid-19 hits car demand

It had been estimated pre-pandemic that international car sales were on track to reach 80 million. Although the latest figures show an improvement from previous estimates, the industry's economic woes continue, and demand for new motor vehicles declined in 2020. South America and Europe were among the hardest-hit regions, with auto sales in these regions contracting by about one-fourth year-on-year.

Chinese market recovers

After years of double-digit growth, China's economy began to lose steam. China was the largest automobile market based on sales with around 19.8 million units in 2020. However, monthly car sales in China were in free-fall in February 2020 due to the coronavirus outbreak in the country and fears over a looming recession. As a result of successful containment measures, the market started showing signs of recovery in April, providing a lifeline for major manufacturers. By February 2021, figures had risen by around four times the February 2020 volume.