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

-Global light vehicle sales in 2022 are estimated to have fallen by 1% year-on-year to 80.63 million units, according to a report by LMC Automotive as of Q4 2022. Despite a strong Q3, mainly due to tax incentives in China, the market has cooled as it was unsustainable in many regions.

-While the expansion of the COVID-19 infection and the introduction of incentives add uncertainty to the outlook for 2023, the situation is certainly improving and the market is expected to grow in 2023. On the other hand, if incentives are not introduced in China, the expected growth may not materialize.

-Although the North American and European markets in particular are improving, they are still suffering from a shortage of semiconductors, and long lead times from vehicle production to delivery. Very low inventory levels continue to characterize the market.