TrendForce: global car sales resume growth to about 84.1 million units in 2023, an annual increase of 3.8%

CTOnews.com, February 10, according to TrendForce Jibang Consulting, global car sales in 2022 were 81.05 million, with an annual decline of 0.1%, almost the same as in 2021. It is estimated that global auto market sales will have a chance to resume growth in 2023, reaching 84.1 million units, an annual increase of 3.8%.

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According to TrendForce Jibang Consulting, China's annual car sales in 2022 were 26.9 million, an annual increase of 3.7%, which is the key to supporting the global new car market. Sales in the US and Western Europe are at a decade-low level, with only 13.7 million vehicles in the US, a decline of 8.1 per cent a year, and 11.8 million vehicles in western Europe, an annual decline of 4.6 per cent. As a result of the conflict between Russia and Ukraine, new car sales in Russia have dropped by 1 million a year, while sales in the Eastern European market have also declined by 27.3% a year. CTOnews.com learns that emerging markets are doing well, with India overtaking Japan as the world's third-largest car market with 4.3 million vehicles for the first time in 2022, while Indonesia returned to pre-epidemic levels after two years of growth.

Part of the growth in 2023 is due to a backlog of outstanding orders from automakers in 2022, according to TrendForce Group Consulting. From a regional point of view, it is estimated that China's new car market in 2023 will be the same as in 2022 to grow slightly, mainly because the halving of fuel vehicle purchase tax implemented by China in 2022 makes some consumption occur ahead of schedule, and it is more difficult to stimulate a new wave of automobile consumption. policies with more incentives are needed to have a real effect.

In the US market, due to the growth potential under the conditions of a low base period and a rebound in consumer confidence, the two major disadvantages of the soaring average price of new cars in the United States and the high lending rates caused by higher interest rates cannot be ignored. Although Western Europe is also in a low base period, due to the continuation of the conflict between Russia and Ukraine, the unresolved energy problems in Europe will affect the growth momentum of the European automobile market.