Toronto, Ontario — The world’s largest nations are losing interest in light vehicles, a data analysis firm says.
According to Global Data, 2019 saw global light vehicle sales down almost five percent from 2018, from 94.3 million to 89.8 million. This is the lowest global sales total recorded since 2015.
The biggest dip in sales numbers came from the developing world. China’s light vehicle sales drooped 9.4 percent, down from 28 million in 2018 to 24.4 million. Indian sales dipped even further–by 10.3 percent or about 350,000 units.“GDP growth at 6.1 percent was the lowest level recorded in 29 years and that weighed heavily on vehicle sales,” wrote Global Data director of automotive product development Calum MacRae. “Longer-term the country still has considerable upside, it just may not be at the 35-40 million levels that historic regression models suggest thanks to the encroachment of shared mobility. However, significant opportunity still remains in China’s inland cities.”
In India, meanwhile, sales declined by 10.3 percent to 3.53 million.
In developed economies, overall global consumer interest remained relatively flat.
