Analysis by GlobalData, a leading data and analytics company, suggests the global vehicle market in 2021 is heading for a disappointing result, dented by shortages of critical components that have restricted new vehicle supply.
“With the latest results in, it seems fair to assume that the semiconductors shortage is set to continue into Q4 and beyond. The next month or so will be a big challenge for the industry,” said Calum MacRae, Automotive Analyst at GlobalData, speaking to Just Auto.
GlobalData forecasts a global light vehicle market for 2021 of 79.9 million units, just over 5% ahead of 2020’s finish.
“It is a disappointing outcome for a year that began with a strong demand rebound. However, the chips setback was compounded by ongoing pandemic effects in some markets, especially those that are important for critical automotive parts supply.
“The chips shortage crisis is showing signs of stabilisation, but for 2022 we see a market that continues to be stifled by the shortage in the first half.
“With Covid-19 rates easing in SE Asia where the downstream chip plants are located there’s hope that supplies can be backfilled and the industry’s production level can begin to return to normal in Q1.”
GlobalData’s latest analysis also includes a first look at market prospects for 2022.
“We see sales running rates improving in H2 as parts supply begins to loosen. This selling pattern should see the market for the year head just over 84 million, just over 5% ahead of 2021’s forecast but still short of pre-pandemic levels,” says MacRae.