Cleveland, OH, June 12, 2019 — Global sales of light vehicles are forecast to rise 2.0% per year in volume terms through 2023, according to Global Light Vehicles, a report recently released by Freedonia Focus Reports. Rising global gross domestic product and consumer spending will support gains. Increasing personal income levels are putting vehicle purchases within the financial grasp of more people in low income regions.
Light vehicle sales in the Asia/Pacific region are expected to rise 2.5% annually to 2023. India will exhibit the fastest sales growth in the region, though China will account for the majority of unit growth. The product mix in China, whose light vehicle market expanded rapidly over the historical period, began to shift from primarily consisting of basic models to including more high-end and larger models, such as fully featured SUVs. In addition, government incentives in China and India have supported sales of electric vehicles in those countries. However, electric vehicle subsidies in China are likely to be phased out by 2020, but the country will set electric vehicle manufacturing quotas for automakers beginning in 2019.
These and other key insights are featured in Global Light Vehicles. This report forecasts to 2023 global sales, production, and parc for light vehicles by global region in units. Regions include:
- North America
- Western Europe
- other regions, which span Central and South America, Eastern Europe, and Africa/Mideast
In addition, for the three main regions, sales, production, parc, and parc per capita by major country are forecast to 2023.
To illustrate historical trends, global sales, production, parc, and parc per capita by major region are provided in annual series from 2008 to 2018. For the three main regions, sales, production, parc, and parc per capita by major country are provided at five-year intervals for 2008, 2013, and 2018.
Three-wheeled vehicles, such as those used for last-mile transportation of goods in lower income countries, are excluded from the scope of this report.
More information about the report is available at: