⋆An updated version of this forecast report will be released every quarter

-According to a report by GlobalData as of Q4 2023, global light vehicle production in 2023 is estimated to increase by 10.1% y/y to 90.9 million units.

-Fading supply side constraints and a better-than-expected demand underpinned robust global production through 2023. Although a full supply-side normalization cannot be assured in 2024, the demand side is expected to drive production volumes, as the foundations for vehicle manufacturing are expected to become more solid. There are also downside risks, such as the persistent difficult economic environment and high vehicle prices, as well as a declining order backlog.

-For 2024, global light vehicle production is expected to nudge ahead by only 0.8% to 91.6 million units. This is still over 4 million units below the industry’s peak reached in 2017.