Worldwide light vehicle sales growth - outlook 2019-2025

Light vehicle sales are projected to decrease by about five percent in 2022 year-on-year. Projections for the following years are more optimistic, though. It is expected that in 2023, light vehicle sales will grow by nearly five percent year-on-year, and a year later, sales should increase by almost four percent.t.

Global market recovery

Car sales slumped during the second quarter of 2020 due to the outbreak of the coronavirus pandemic in key markets. However, there were strong signs of improvement from the next quarter onwards. Worldwide, Ford Motor's vehicle wholesales were higher in 2020's third quarter than in the first quarter of that same year. November 2020 showed the highest level of monthly automobile sales in China in 12 months. Still, there is reason to be cautious, as the end of government stimulus programs might cause sales to taper off.

The electric vehicle opportunity

In 2020, the EU's share of new passenger electric vehicles accounted for 10.5 percent, a significant year-on-year. How the transition from conventional cars to electric vehicles will affect sales is open to question. That said, investments in charging infrastructure and the extension of current and new governmental subsidy programs for purchasing electric vehicles could facilitate even higher numbers soon.