LMC Automotive offers timely reporting of the latest data sets and estimates for several automotive markets around the world including, global car sales, the Chinese, Indian and ASEAN automotive markets and the Western European Diesel market.
The Global Light Vehicle selling rate plunged to 67 mn units/year in April 2022. Most major markets remain supply-constrained, with lockdowns in China as well as the war in Ukraine only exacerbating these issues and thus applying downward pressure to global sales activity. In year-on-year terms, sales were down a staggering 25%, with all major markets experiencing a contraction. China felt the impact of its zero COVID-19 policy, with over 20% of dealerships closed due to lockdowns, while in the US, inventories remained tight due to global supply problems.
The West European selling rate dropped to 8.8 mn units/year in April, from 9.0 mn units/year in March, with supply chain bottlenecks still the key reason for the depressed level of registration statistics. The war in Ukraine, as well as lockdowns in China, will likely exacerbate supply issues, meaning vehicle sales will continue to suffer from a lack of adequate supply.
April’s diesel figure continued the (unusual) theme of resilience in the region’s diesel car market this year as the trend to plug-in electrification has slowed partly due to less focus on tougher CO2 targets but also due to price increases starting to seep through to BEV buyers in particular. With just two minor markets missing from April’s data at the time of writing, it looks like diesel share of new car sales (including hybrids) came in at 19.5% in April while the YoY decline at just 4.2% was the smallest for a year.
Passenger Vehicle (PV) sales (i.e., wholesales) decreased by 2.7% year-on-year (YoY) to 1.88 mn units in March 2022. The Light Commercial Vehicle (LCV) segment was down by 24.3% YoY in the month, on sales of 0.32 mn units. The overall Light Vehicle (LV) market ended March with a fall of 6.6% YoY, and a total of 2.19 mn units sold. Year to date sales totalled 6.40 mn in the first quarter, up by 4.6%.
The easing chip shortage further improved India’s Light Vehicle (LV) sales in March to more than 376k units, up by 2% year-on-year (YoY). Passenger Vehicle (PV) sales inched up marginally, by 1% YoY to 315k units. Plus, demand for Light Commercial Vehicles (LCVs) with GVW of up to 6T rose by 7% YoY to 61k units. Of note, the total March LV volume was 7% higher than February.