Global Top 10 Countries Sales Forecast (Q4 2021)

Global sales increase by 4% to 81.13M in 2021; recovery to 86M in '22 and 94M in '23 expected

2022/01/25

Summary

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

・According to LMC Automotive, as of Q4 2021, global sales (excluding medium- and heavy-duty commercial vehicles) are estimated to have increased 4% year-over-year (y/y) to 81.13 million units in 2021. Consumer demand has been recovering from the previous year, but shortages of components, particularly semiconductors, have put downward pressure on production, reducing the supply of vehicles to the market and resulting in modest growth in global sales.

・Although there are some concerns such as the spread of mutant strains of COVID-19 including Omicron, global sales are expected to expand to 86 million units in 2022, as demand recovers and the supply of vehicles continues to improve, and carryover demand materializes in sales volume. The recovery trend is expected to continue in 2023, with sales forecast to reach 94 million units.

・All major countries are expected to see a full-scale recovery after 2022, but the market is expected to expand at a faster pace in China and India, where record high sales are expected to be reached, than in developed countries such as Japan, the U.S., and Germany.