Shifting Dynamics in the Global Automobile Industry: Insights from the 2023 Market Report

TOKYO, Japan - Aug. 28, 2023 - PRLog -- The global automobile sector, after a decade of steady expansion, faced a significant setback, experiencing a contraction of around 5% as the production of cars, trucks, and buses plummeted to less than 92.2 million units. This contraction marked the conclusion of a prosperous period driven by unforeseen consequences stemming from the COVID-19 pandemic.

2021: Incremental Growth in Vehicle Manufacturing
In the year 2021, the worldwide motor vehicle manufacturing industry demonstrated modest growth, with a total production of 79.1 million units, reflecting a marginal increase of 1.3% compared to the previous year. Notably, the passenger car category stood out, witnessing a 2% production surge in 2021 relative to 2020.

Regional Disparities in Production
Asia-Pacific surged by 7%, Africa by 8%. North America and Europe dipped 10% and 7% respectively in car production. China led with 33% of global output, Europe 21%, Japan, and Korea 16%.

Semiconductor Chip Shortage: A Global Predicament
Originating in 2020 due to lockdowns, the chip shortage disrupted supply chains. By early 2021, a US blizzard and Japanese factory fire worsened the situation, impacting countries producing 50% of auto chips. Delta variant and Southeast Asia outbreaks exacerbated scarcity.

Surge in Electric Vehicle Demand
The electric vehicle market surged, surpassing 10 million sales by 2022, with EVs' market share soaring from 4% in 2020 to an impressive 14% in 2022, reflecting quadrupled growth in three years. India's automotive sector achieved a significant milestone, overtaking Japan in 2022 for the global light vehicle market's third position, driven by demand for personal mobility and last-mile deliveries.

Challenges for the Japanese Automobile Market
The year 2022 posed formidable challenges for the Japanese auto industry, with a concerning year-on-year decline of 5.6% in new vehicle sales, marking the fourth consecutive year of decreasing sales.

Despite financial uncertainties, the auto sector is set to expand in the coming years. Projected 2023 global auto sales: 69 million. Factors include emerging market growth, electric vehicle adoption, China's recovery, countering supply chain issues, and pent-up demand. 2024 anticipates 74 million sales.

The "Global Automobile Industry Production and Consumption Market Report - Edition 2023" by Makreo Research offers a comprehensive analysis of the evolving industry landscape. Utilizing qualitative and quantitative approaches, the report captures post-pandemic shifts and geopolitical influences, providing insights into major automobile trading nations and future opportunities.

To Know More About Full Report:
Global Automobile Industry Production and Consumption Market Report - Edition 2023 (https://www.makreo.com/report/global-automobile-industry-...)

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