Summary
⋆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 production in 2022 is forecast to increase by 7.1% year-on-year to 82.5 million units. The forecast has been revised upwards by more than 800,000 units from the previous forecast, due to a significant increase in current production in China, supported by tax reductions for passenger cars.
-The production volume is forecast to recover to 85.4 million units in 2023 and 91.1 million units in 2024, against the backdrop of an expected easing in the shortage of materials, particularly semiconductors.
-Looking at the production of the top 10 manufacturers, the production of the leading Toyota Group, the third-ranked Stellantis Group and the ninth-ranked Suzuki Group, which is benefiting from the expansion of the Indian market, is expected to recover steadily, and global production of these groups in 2024 is forecast to exceed the pre-COVID (2019) level. On the other hand, other groups such as the VW Group, Renault-Nissan-Mitsubishi Group and Hyundai Group are forecast to fall short of their respective 2019 results in 2024.
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Local Reconstruction Note
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Commentary by LMC Automotive
The source outline identifies this section as part of “Global Top 10 OEMs Production Forecast (Q3 2022)”. Based on the available local metadata, this section should be read through the lens of Production Forecast, GlobalData, Market Forecast, Vehicles & OEMs, Commercial Vehicle, China and the visible introduction, figures, captions, and tables.
Related Local Signals
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