Passenger cars sales of global
New registration data reveals global passenger vehicle sales contracted 10.2% in 2022 compared to pre-pandemic 2019, as major automotive markets continue working to recover lost volume from COVID-19 disruptions.
In Europe, total registrations dropped nearly 30% between 2019 and 2022, with the EU market down 28.4% as parts shortages severely constrained output in the first half of 2022. Other key European countries also faced double-digit percentage losses spanning 20-30%.
The declines were even steeper in North America, with 2022 US sales down 39.4% versus 2019 and Canada off 48% over the same period. Ongoing parts supply issues coupled with high inflation and rising interest rates hampered consumer demand.
China was a notable exception globally, registering a 9.7% sales increase from 2019 to 2022, highlighting its recovery from early pandemic interruptions. However, 2022 Chinese volumes grew only 9.5% over 2021 as Covid controls and property woes created headwinds.
Overall global registrations in 2022 ticked up 1.9% versus 2021 to 57.5 million units, pointing to slow momentum regained after pandemic lows. But macroeconomic uncertainty persists, including high energy costs and rising recession probabilities for major economies. Automakers hope to sustain the recovery momentum absent new crises that threaten consumer finances and mobility demand.
