Global Light Vehicle Sales to Decline to 70.3 Million in 2020 due to COVID-19 Impact, According to IHS Markit
IHS Markit Ltd. Common Shares (INFO)
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Source: Business Wire
SOUTHFIELD, Mich.--(BUSINESS WIRE)--Global light vehicle sales are forecast to be down 22 percent to 70.3 million units this year in the wake of COVID-19, according to the most recent analysis from IHS Markit (NYSE: INFO). Likewise, regional forecasts have been impacted substantially, and impacts are being felt as facilities across key regions remain closed, while recovery gets underway in others.These forecasts are informed by the latest update of the IHS Markit global economic forecast update issued by the Economics and Country Risk team, which indicates a 2020 global real GDP growth hard and fast into “real” recession, down about 3 percent, with a very sharp reduction in near-term demand/supply followed by a slow recovery.“The unexpected and sudden nature of the impacts of the pandemic are hitting the autos sector hard, with unprecedented levels of uncertainty around prospects for meaningful global recovery,” said Colin Couchman, executive director, global autos demand forecast
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