Global Top 10 OEMs Production Forecast (Q4 2022)
Global production to reach 85.97M units in 2023 and to exceed pre-COVID levels in 2024
2023/01/30
- Summary
- Commentary by LMC Automotive
Summary
⋆An updated version of this forecast report will be released every quarter
-The global production of light vehicles in 2022 was estimated to have increased by 6.4% year-on-year to 82.01 million units, according to a report by LMC Automotive as of the fourth quarter of 2022. This is a modest increase compared to previous forecasts, mainly due to the impact of protracted component supply disruptions.
-The global production volumes in 2023 and 2024 are estimated at 85.97 million and 90.13 million units, respectively, and while the semiconductor shortage is expected to gradually improve in 2023, the risk of adverse effects on the economy due to high global prices and the situation in Ukraine is still expected to remain.
-The forecast by manufacturer has generally been revised downwards from the previous forecast, with all companies except Toyota and Suzuki predicting that global production in 2024 will not reach the 2019 level.
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