Global Top 10 Countries Sales Forecast (Q4 2020)
Global sales to increase 11% to 86 million units in 2021, recovering to 91 million units in 2022
*An updated version of this forecast report will be released every quarter.
-According to the LMC Automotive forecast (as of Q4 2020), global light vehicle sales in 2020 are expected to decline 14% y/y to 77.59 million units. Conversely, 2021 sales are expected to increase by 11% to 86.43 million units, and 2022 sales are expected to increase by 6% to 91.53 million units, with the market expected to recover steadily for two consecutive years after the unprecedented sales decline in 2020.
-Looking at 2021 sales by country, all of the top 10 countries except South Korea, which had an exceptionally strong sales year in 2020, are expected to see a y/y increase. In addition to a solid recovery in China and the U.S., India is expected to make a sharp recovery to 3.83 million units, up 38% from the previous year, and surpass Germany once again to emerge as the world's fourth largest automotive market.