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

-According to a report by LMC Automotive as of Q3 2022, global light vehicle sales are forecast to increase by 0.1% year-on-year to 81.5 million units in 2022. The forecast has been revised upwards by 300,000 units from the previous forecast due to a rapid market recovery in China, where a reduction in acquisition tax for low-displacement passenger cars was introduced between June and the end of the year.

-Sales were expected to increase to 85.3 million units in 2023 and 91.8 million units in 2024, supported by an improvement in vehicle supply. However, the forecast for both years has been revised downwards by more than 700,000 vehicles from the previous forecast, due to growing concerns of an economic stall in the wake of rising global inflation, interest rates and energy prices.

-By country, China's forecast for 2022 has been revised upwards to over 27 million units, the highest level since 2018, as the effects of the above-mentioned tax reduction measures are factored in. On the other hand, the 2022 forecast for the US, where supply contracts and vehicle prices remain high, has been lowered to 13.8 million units (revised down by more than 1 million units from the previous forecast) and is expected to fall further below the 2020-2021 level.