Advancing productivity, sustainability and profitability in the industry
Global automotive sales in 2019 were around 77 million units – a decrease of approximately 2% – according to Statista. The slowdown was largely attributed to the US trade sanction policy and the economic slowdown in China, where Asia remains the top global market for passenger vehicle sales. Moody’s Investor Service forecasts that the 2019 decline will continue through 2020 but slow to less than 1% due to an expected slight recovery in demand and improvement in consumer confidence in emerging markets like India and Russia. Manufacturers continue to work toward reducing the environmental impact of their vehicles in the face of increasingly strong regulatory pressures and changing consumer preferences favoring alternative fuel powertrains, connectivity and digital solutions.