Jeff Schuster, President, Global Forecasting
07 January 2021
2021 could not have come soon enough as we all looked to move past 2020 and the grip of a global pandemic.
07 January 2021
The global auto industry eagerly moves past 2020, but there will be a lasting impact
2021 could not have come soon enough as we all looked to move past 2020 and the grip of a global pandemic. A new definition of disruption emerged last year with the spread of COVID-19 around the world, forcing significant challenges to society. And the automotive industry was no exception.
It is unlikely that 2020 will be remembered in a positive light, given the extent of the personal losses, financial stress and isolation faced by so many. But as the automotive industry, like so many others, found itself navigating uncharted waters, innovation and resilience began to surface from all the chaos.
Positive signals in 2020
As attention shifts to 2021 and beyond, some of these changes and innovations will endure, but the industry will, nevertheless, face significant challenges. The recovery trend in the global Light Vehicle market is forecast to continue from the better-than-expected performance in 2020, with global sales set to increase by 11% to nearly 87 million units in 2021, from 78 million units in 2020. Volumes are projected to return to pre-pandemic levels as early as 2022.
While there is reason for optimism, several unknowns will continue to impact the pace of recovery and a return to normality.
Uncertainties facing 2021