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Global Demand For New Cars Collapses Due To Coronavirus

Global Demand For New Cars Collapses Due To Coronavirus
Global Demand For New Cars Collapses Due To Coronavirus
Video: Global Demand For New Cars Collapses Due To Coronavirus
Video: Why Coronavirus Has Left Automakers Desperate For Buyers 2023, February
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According to the agency LMC Automotive, in February 2020, 5 million 77 thousand new passenger cars were sold worldwide. This is 19.9% ‚Äč‚Äčless (minus 1.258 million units) than a year earlier. In two months, sales fell 14.8% to 11.6 million units. According to the results of the year, according to experts, the world car market will drop by 15.4%, to 76.4 million cars.

  • Positive dynamics were recorded in North America and Canada. In the United States, 1.357 million cars were sold (plus 8.3%), in Canada - 124.3 thousand (plus 2.9%). According to the results of two months, sales increased to 2.485 million (plus 4.3%) and 236.8 thousand units (plus 2.1%), respectively.
  • The strongest drop was noted in the Chinese car market: minus 80.4% and 281.9 thousand cars. Since the beginning of the year, sales have plunged 43% to 2.17 million units. The reason is the coronavirus pandemic, which peaked in February. However, the negative trend gradually changes to a more positive one: in the first half of February, sales almost completely stopped (minus 92%), but by the end of the month the market began to revive.
  • Sales in Korea, where the coronavirus outbreak was recorded after China, fell 17.9% to 97,000 units. For 2 months, 211.2 thousand cars were sold (minus 16.2%). The Japanese market decreased by 10.6% to 423.5 thousand cars. Since the beginning of the year, the dynamics are even worse: minus 11.1%, 779.8 thousand units.

  • In Western Europe, the demand for passenger cars lost 7% and dropped to 962.6 thousand cars. Among the major markets in the region, Germany suffered the hardest than the rest: minus 10.8% and 239.9 thousand cars. Sales in France decreased to 167.8 thousand units (minus 2.7%), in Italy - to 162.8 thousand (minus 8.8%), in Spain - to 94.6 thousand (minus 6%), in the UK - up to 79.6 thousand (minus 2.9%).
  • Eastern Europe was marked by an increase of 4.5%, sold 304.6 thousand cars. Of these, 119.1 thousand units were sold in Russia, minus 2.2%. For 2 months the market of the region grew to 568.2 thousand cars (plus 3.9%).

The global decline in sales was primarily caused by the coronavirus pandemic, which affects both the production of cars and auto parts and demand. Carmakers suspend the work of factories due to quarantine or a shortage of components supplied from other enterprises.

However, most carmakers in China have already returned to work, but the resumption of production does not mean a quick recovery in demand, experts say. In addition, the spread of the epidemic will have a lasting negative impact on the global economy as a whole, which will also negatively affect demand.

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