Global Vehicle Sales drop to the lowest since 2011 in 2020!
Covid-19 pandemic led to incessant lockdowns across the world and have affected economies at large in the year 2020. This led to the lowest passenger vehicle global sales in 2020 for the past 10 years!
Let us look at the global vehicle sales in 2020 by country -
The vehicle sales dropped 13% in 2020 to 78.35 million units! The volumes included passenger cars, pickups, light commercial vehicles, and in some minor markets the heavy commercial vehicles too.
China retained its position as the world's largest car market and surprisingly the vehicle sales fell by a meager -2%. The sales were boosted by government-driven incentives and China ended up accounting 32% of the global sales volumes!
Vehicles sales in US was impacted heavily and the volumes dropped -15% and recorded sales of 14.55 million units which is the lowest since 2012! Do note that in terms of population - US is the third-most populous country in the world.
Japan ranks 11th in terms of population but was the third-largest car market in the world in terms of sales volumes. However; the pandemic impacted the vehicle sales in Japan too and fell -11%.
Germany was the fourth largest car market for 2020 and the volumes in the country fell -19%. Do note that Germany had regained its fourth spot in 2019 when it pipped India from the slot.
India - The world's second-most populous country ranked fifth and the sales degrew -18%. Can it climb to the fourth spot in 2021?
South Korea was the only country in the Top 10 markets to register a growth in vehicle sales. Though it is ranked 28th in terms of population; South Korea was the world's 9th largest vehicle market!
Source: Fiat Group World