Automobiles & Trucks OVERVIEW
Analysts at JD Power forecast the global market at 73 million units for 2020.
This would represent more than a 20% decrease from the previous year, due to the Coronavirus pandemic. Prior to the 2020 Coronavirus pandemic, sales within the U.S.
were running at very high rates.
However, total U.S.
car and light truck sales for 2020 were down about 17% during the first seven months of the year.
Since automobile factories were shut down for several weeks during the Coronavirus, dealers' inventories were extremely low during mid-2020. U.S.
car and light truck sales totaled 17.1 million units for full-year 2019, according to NADA.
For the entire year 2020, sales are likely to be in the 14 million vehicle range. The biggest upward trend in auto sales has been in China.
While estimates of its annual unit sales vary widely, China has clearly become the world's largest car market with about 23.5 million units sold in 2018.
For 2019, the China Association of Automobile Manufacturers (CAAM) reported 25.8 million new vehicles sold in China, down 8.2% from 2018.
However, China's sales are subject to change due to such factors as economic growth, the availability of credit and the regulatory environment.
The automobile industry surged ahead worldwide in recent years, with particularly sharp growth in the U.S. and China. Analysts at JD Power forecast the global market at 73 million units for 2020. This would represent more than a 20% decrease from the previous year, due to the Coronavirus pandemic.