Global Top 10 Countries Sales Forecast (Q3 2020)

Sales forecast for 2020 revised upward to 75.77 million units

2020/10/23

Summary

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

- According to LMC Automotive's sales forecast (as of Q3 2020), global light vehicle sales are expected to decline 16.2% year-over-year (y/y) to 75.77 million units in 2020. In many markets, monthly sales are recovering rapidly from the post-COVID-19 decline, and compared to the previous forecast of 71.07 million units (as of Q2 2020), the sales forecast has been revised upward by 4 million units.

- Regarding the 2020 sales forecast by country, sales forecasts have been revised upward by approximately 1 million units in both China and the U.S. compared to the previous forecast. In addition, the forecast for India, where sales continue to improve after the end of the lockdown, was raised by approximately 600,000 units. South Korea, which succeeded in suppressing the virus ahead of other countries, is expected to achieve record high sales in 2020, a more than 7% y/y increase, including effects of a tax cut.

- Global sales of 84 million units in 2021 and 89.6 million units in 2022 are forecast, upwardly revised by about 2.5 million and 1.5 million units, respectively, from the previous forecast.