It is estimated that light vehicle sales could increase by about nine percent in 2021. Despite the ongoing coronavirus pandemic, the industry is expected to sell more than 83 million units in 2021, down from about 90.3 million light vehicles in 2019.
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 a 12-month period. 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 creation of new governmental subsidy programs for the purchase of electric vehicles could facilitate even higher numbers in the near future.
Projected worldwide light vehicle sales growth from 2019 to 2023
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Forbes. (January 3, 2021). Projected worldwide light vehicle sales growth from 2019 to 2023 [Graph]. In Statista. Retrieved May 22, 2022, from https://www.statista.com/statistics/267128/outlook-on-worldwide-passenger-car-sales/
Forbes. "Projected worldwide light vehicle sales growth from 2019 to 2023." Chart. January 3, 2021. Statista. Accessed May 22, 2022. https://www.statista.com/statistics/267128/outlook-on-worldwide-passenger-car-sales/
Forbes. (2021). Projected worldwide light vehicle sales growth from 2019 to 2023. Statista. Statista Inc.. Accessed: May 22, 2022. https://www.statista.com/statistics/267128/outlook-on-worldwide-passenger-car-sales/
Forbes. "Projected Worldwide Light Vehicle Sales Growth from 2019 to 2023." Statista, Statista Inc., 3 Jan 2021, https://www.statista.com/statistics/267128/outlook-on-worldwide-passenger-car-sales/
Forbes, Projected worldwide light vehicle sales growth from 2019 to 2023 Statista, https://www.statista.com/statistics/267128/outlook-on-worldwide-passenger-car-sales/ (last visited May 22, 2022)