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

-According to LMC Automotive's second quarter 2022 report, global light vehicle sales in 2022 are projected to decrease 0.2% year-over-year(y/y) to 81.25 million units. The war in Ukraine and the lockdowns in China are further exacerbating the problem of prolonged supply constraints. Amid the prolonged inability to meet the demand for new vehicles, the full-year forecast has been revised downward by 1.35 million units previous forecast (as of Q1 2022).

-The 2023 forecast is expected to recover to 85.98 million units, and the 2024 forecast is expected to recover to 92.6 million units. However, both forecasts have been revised downward significantly from the previous forecasts due to growing concerns about the adverse impact on demand from the sharp inflationary pressures on households and central bank interest rate hikes.

-By country, the full-year 2022 sales forecast has been revised slightly upward for China, which introduced a passenger car acquisition tax reduction, and for India, where sales have been strong so far this year. However, the forecasts for other countries were lowered across the board. In particular, sales in major European countries such as Germany, the U.K., and France are projected to be lower in 2022 than in 2021.