An Automotive Minute [S2|E45] Global-US Sales Outlook with Chris Hopson

IHS Markit projects new light vehicle sales of 83.4 million units globally in 2021, up 9% from a 2020 projection of 76.5 million units, as industry demand levels emerge next year in the wake of recovery from the COVID-19 pandemic – especially in major markets. Looking at the U.S. auto demand environment, the sequential rise in sales levels from the April 2020 trough reflects that consumers that were willing, ready and able to purchase a new vehicle did so. While the pace of growth for auto sales flattened out after September, IHS Markit expects continued growth in auto demand levels in 2021, supported by sustained economic development from better-than-expected news on vaccines and likely economic stimulus. IHS Markit projects US sales volume to reach 16 million units in 2021, up an estimated 10% from the projected 2020 level of approximately 14.5 million units. The pace of sales is anticipated to be stronger in the second half of the year, following the expected widespread availability of the vaccine by summer. I’m Chris Hopson with an IHS Markit Minute.