The automotive industry hit by the coronavirus pandemic has witnessed, disruptions of supply chains, factory closures, huge sales and revenue drops. The global passenger car sales are expected to drop by $440 billion due to the pandemic.
According to data presented by Stock Apps, global passenger car sales is expected to plunge by $440 billion in 2020 due to the coronavirus outbreak. The downsizing trend is set to continue next year, with revenues falling by 10% Year over Year (YoY) in 2021.
Global Care Sales Revenues to Continue Falling in the Next Two Years
Even before the pandemic, the car industry was already coping with a downshift in global demand. In 2016, global car sales revenue, including passenger cars, sports cars, SUVs, and MPVs, hit $2.26 trillion, revealed Statista data. In the next twelve months, this figure slightly increased to $2.27 trillion.
Statistics show that in 2019, global passenger car sales revenues amounted to $2.29 trillion. Small SUVs sales, as the largest revenue stream, generated almost 30% of that value or $647 billion. Large SUVs and large cars segments followed with $362 billion and $275 billion in revenue, respectively.
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However, the COVID-19 pandemic caused a huge hit, with total car sales revenues falling by almost 20% YoY to $1.85 trillion in 2020. Statista data revealed that revenues in the large cars segment are expected to drop by 25% YoY to $233 billion. Large SUV sales are set to witness a 24% cut this year, with revenues falling to $275 billion in 2020. Small SUVs follow with a 20% drop and $525 billion in revenue.
Analyzed by carmakers, Toyota represented the market leader with a 10.6% market share in 2020. Volkswagen ranked second with a 7.4% market share. Nissan, Ford, and Hyundai follow, with a 6.6%, 6.2%, and 5.6% share, respectively.
Statistics show the downsizing trend is set to continue in 2021, with global passenger car sales revenues falling to $1.65 trillion. In 2022, this figure is expected to decrease by another 6% to $1.55 trillion.
Three Largest Car Markets Lost $231.5 billion in Revenue Amid COVID-19 Crisis
Statista data also revealed that all of the leading car markets are expected to witness a two-digit revenue drop this year. As the largest market globally, the car sales revenue in the United States is forecast to fall by almost 18% YoY to $507 billion in 2020. This figure is expected to plunge to $385 billion in the next two years, nearly 40% less than in 2019.
China ranked as the second-largest market globally with $452 billion in revenue in 2020, an 18% fall year-over-year. By 2022, total car sales revenues in China are set to drop to $405 billion.
As the third-largest market, Japan witnessed an almost 19% YoY drop, with passenger car sales revenues falling to $92bn in 2020. Germany follows with $86.5 billion in revenue, 17% less than in 2019.
The Statista data show the three leading markets lost $231.5 billion in car sales revenues in 2020 due to the COVID-19 crisis.
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