Global Scenario in the Sales of Cars: 2023

By Garvit Vyas, 12 January, 2023

The post-pandemic condition due to COVID-19 has slowed down the global economy. The world in lockdowns has shown little signs of progress in this period.

It has been seen that pre-pandemic car sales were on a sound track. According to reports, there was a decline in new motor vehicle sales in 2020. COVID-19 harmed car sales and demands. South- America and Europe were the hardest-hit regions among all other countries.

According to recent reports by Cox Automotive, in 2023, the sell volume will also stay at the same dismal level. It expects net sales to rise by 2% to 14.1 million vehicles in 2023. Again, used retail sales may fall 1% to 18.9 million in 2023.

China is the largest automobile market based on sales. However, due to the coronavirus pandemic, car sales fall over the fear of a looming recession. But according to the chief economist of Cox Automotive, this year, consumers are not holding back and are ready to spend. In contrast, other economists are predicting a recession this year.

The data index for used vehicles released by Cox Automotive shows a decline in 2022 and 2023. In 2019, the index rose to 2.5%; in 2020, to 14%; in 2021, to 46.7%; in 2022, to 14.9% and in 2023, to 4.3% before rising to 4.1% by 2024.

Manheim  used vehicle value index dec 2022
The image shows manheim used vehicle value index dec 2022

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