CLEVELAND, March 4, 2022 /PRNewswire/ — Global light vehicle (LV) sales in unit terms are expected to grow 5.1% per year through 2025, according to Global Light Vehicles, a report recently published by Freedonia Focus Reports. Rising global GDP and personal income levels will support gains. Rising income levels put personal vehicles within the financial reach of more people. While consumers in high-income regions will remain the most intensive buyers of LVs per capita, the fastest growth rates in total and per capita terms will be recorded in low-income countries. However, faster sales growth will be hampered by competition from alternatives such as:
- motorcycles, which are more suited to the lack of infrastructure common in rural areas of low-income economies and are generally less expensive than LVs
- public transport, more practical than cars in urban areas
- high rates of traffic congestion in many urban areas, which limit the opportunity to own a personal vehicle
Global LV production is expected to grow 6.2% per year in unit terms through 2025. Rising global LV demand due to rising incomes in low- and middle-income countries will support gains. Manufacturers will seek to enter BT industries in countries with strong or growing domestic markets and favorable trade agreements with other neighboring countries that will boost exports. Production will increase further as countries recover from the effects of semiconductor shortages seen in 2020 and 2021.
This and other key information is presented in Global Light Vehicles. This report forecasts the global light vehicle sales, production and fleet for 2021 and 2025 by region in units. Regions include:
- North America
- Western Europe
- Asia Pacific
- other regions, which cover the Center and South America, Eastern Europeand Africa/Middle East
Additionally, for the three major regions, sales, production, base, and base per capita by major country are forecast for 2021 and 2025.
To illustrate historical trends, global sales, production, base and base per capita by major region are provided in annual series from 2010 to 2020. For the three major regions, sales, production, base and base per capita by major country are provided. at five-year intervals for 2010, 2015 and 2020.
Three-wheeled vehicles, such as those used for last-mile freight transport in low-income countries, are excluded from the scope of this report. Sales of used light vehicles are also excluded from this report.
More information on the report is available at:
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus reports, providing up-to-date, unbiased analysis on a wide variety of markets and industries. Published in 20 to 30 pages, the Focus report’s coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Consumer goods reports can be purchased at Freedonia Tuning Reports Where MarketResearch.com.
The analysis is intended to guide the busy reader through relevant topics in quick succession, including:
- total historical market size and industry production
- segmentation by products and markets
- identification of market drivers, restraints and key indicators
- outlook segment by segment in 5-year forecasts
- supply base survey
- suggested resources for further study
SOURCE The Freedonia Group