The global car market could collapse by almost 25% in 2020

The global car market could collapse by almost 25% in 2020

March 27, 2020 0 By autotimesnews

According to the latest data, it became known that this year, car sales around the world can be reduced by 23%.

It is known that the collapse of the global car market can exceed the reduction in times of the global financial crisis by several times. Due to the spread of coronavirus and the introduction of quarantine measures, states have weakened demand for vehicles, which affected the closure of many enterprises. At the same time, major automakers began to re-equip their production for the development of medical equipment.

As a result of a pandemic, sales of passenger cars worldwide may fall by 15%. If the infection is actively spreading, then by the end of this year the market will collapse by almost 25%.

    “Most manufacturers of components have already closed their enterprises in Europe, North America and Asia, due to the introduction of quarantine measures. A significant increase in unemployment is expected all over the world, which will negatively affect rather large purchases, for example, car acquisition, ”the LMC Automotive study said.