IHS Markit Predicts Production Highs in 2024
IHS Markit forecasts lows in light-vehicle sales and production will give way to increases ahead.
IHS data predicts production will rebound in 2022 and will steadily increase to a record 18.2 million vehicles in 2024.
CarsUK
It’s often said that things get worse before they get better, and that’s certainly true for automotive production in 2021.
IHS Markit forecasts that North American automotive manufacturers will build just slightly over 13 million light vehicles in 2021 because of a crippling shortage of microchips. That figure is 0.2% lower than 2020, when the pandemic shuttered auto factories across the U.S.
But amid this doom and gloom, IHS slides in a glimmer of hope—production will rebound in 2022 and in the years that follow production will steadily increase to a record 18.2 million vehicles in 2024.
IHS data encompasses production outlooks through 2028 by region and industry totals. Amidst the data a few things stand out:
In 2027, IHS forecasts global vehicle production will top 100 million for the first time, marking a 34% increase over 2021.
On the sales side, IHS projects combined deliveries in the U.S., Canada and Mexico will peak in 2024, at more than 21.1 million.
The sales data also includes forecasts for other regions, including China, where the company projects sales will increase even faster than in North America. IHS projects that market to top 30 million in 2025.
Originally posted on Auto Dealer Today
More Showroom
The Trade-In Paradox
Retailing older cars with confidence in today’s market is a matter of establishing and following a clear process that can turn greater profit for auto dealers in a market hungry for used units.
Read More →
Focus on Vehicle Cabins
The market for interior materials will grow in coming years as automakers look to meet consumer demand while staying competitive with changeups to sourcing and included features.
Read More →
State Follows Federal Warning on Auto Ads
The Massachusetts attorney general cautioned the state’s automotive dealers to be upfront with the consuming public about their vehicle prices or risk punishment.
Read More →
European EV Market Hits Record
Seven out of the top 10 electric vehicles sold so far in 2026 in Europe are by European brands, and automakers are seeing the power train fill up their order books.
Read More →
Used EVs Outpace New
While North American electric-vehicle sales remain down year-over-year, May sales saw a 3% increase from April’s numbers as used EVs led the market.
Read More →
New Vehicles Down for Most Brands
Healthy May sales cut into inventory as automakers kept a tight reign on supply, though some brands ended the month with excess units on the ground.
Read More →
Auto Prices Ride May Moderation
Flat ATPs and asking prices clocked in below long-term averages for the month, though some segments saw significant price gains, reported Cox Automotive.
Read More →
Mitsubishi Sets Growth Strategy, Structural Transformation
The Japanese automaker aims to 'strengthen products and technologies that embody its brand identity,' focus on its strongest markets and expand value-chain businesses 'that leverage its unique strengths.'
Read More →
Affordable, Safe Cars for Teen Drivers
Families looking to balance affordability and safety in vehicles for their teen drivers can look to the updated list of recommended vehicles by IIHS and Consumer Reports.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →