Global motor vehicle sales increased by five percent in 2021, representing the signs of rebounding in sales after two consecutive year of declining demand.
Motor vehicle sales slumped in 2020. During the first half of the year, sales fell considerably in markets around the globe, as countries imposed lockdown measures to deal with the Covid-19 pandemic. Demand for plug-in electric vehicles and rebounding sales in China, the world’s largest automotive market, were not enough to offset the general slump. Even when economies slowly reopened, production facilities remained idle for some time as supply chains suffered from bottlenecks.
China’s changing demand
The rapid economic expansion of China has been supporting domestic sales of new passenger vehicles to the growing middle class. Vehicle sales growth would not be able to grow continuously. Chinese consumers have shown a change in preference for motors: SUVs (sport utility vehicles), luxury cars and electric segments have seen the best growth, while internal combustion engines are seen as outdated. China stands as the largest market for electric vehicles in the world and is expected to remain so over the next decade.
Worldwide motor vehicle sales from 2005 to 2021
(in million units)
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OICA. (April 11, 2022). Worldwide motor vehicle sales from 2005 to 2021 (in million units) [Graph]. In Statista. Retrieved July 07, 2022, from https://www.statista.com/statistics/265859/vehicle-sales-worldwide/
OICA. "Worldwide motor vehicle sales from 2005 to 2021 (in million units)." Chart. April 11, 2022. Statista. Accessed July 07, 2022. https://www.statista.com/statistics/265859/vehicle-sales-worldwide/
OICA. (2022). Worldwide motor vehicle sales from 2005 to 2021 (in million units). Statista. Statista Inc.. Accessed: July 07, 2022. https://www.statista.com/statistics/265859/vehicle-sales-worldwide/
OICA. "Worldwide Motor Vehicle Sales from 2005 to 2021 (in Million Units)." Statista, Statista Inc., 11 Apr 2022, https://www.statista.com/statistics/265859/vehicle-sales-worldwide/
OICA, Worldwide motor vehicle sales from 2005 to 2021 (in million units) Statista, https://www.statista.com/statistics/265859/vehicle-sales-worldwide/ (last visited July 07, 2022)