The production of vehicles is strictly related to the economy of individual countries and the global economy in general.
The global economy in current circumstances is being facing many changes. Regardless of the several dynamically unstable factors that caused those changes, on a larger scale, a coherent picture of global changes is being drawn.
In America, as continent, vehicle production fluctuation presents some similarities with European situation.
Overall passenger car production in America in 2020 was only 64% of the production in 2019 (in Europe 70% in the same period of time). In 2021 and 2022, this reduced level was maintained with only little deviations: 4,5% increase in 2021 and 6,5% decrease in 2022.
The production level of light commercial vehicles (LCV) in 2020 recorded a decrease over the same period – reaching 75% of 2019 production (the same like in Europe). Similarly to passenger vehicles production level changes, in 2021 the LCV production increased comparing to 2020 by 14,2% and in 2022 an increase of 11% comparing to 2021 (In Europe a decrease by 5% was noted in the same period).
Truck production (Heavy Commercial Vehicles – HCV) in 2020 accounted for 62% of the 2019 level (72% in Europe). In 2021, it has increased by 36%. More 11% of increase was noted in 2022.
Bus production in 2020 fell down to 59% of 2019 production level (87% in Europe). In 2021, production increased by 6% and in 2022 increased by 57% comparing to year 2021 – reaching nearly the same level like in 2019.
Overall production of all kind of vehicles in America in 2020 decreased, reaching 70% of the level from 2019 (in Europe also 70%). In 2021 production increased by 10% (5% in Europe) and in 2022, it also increased by 10% (in Europe it fell down by 3% in the same period).
The largest decrease in production at the turn of 2019-2020 concerns buses (-41%), followed by trucks (-38%), passenger cars (-36%) and vans (-25%).
The largest overall drop in vehicle production in the period of 2020 – 2022 were recorded (in percentage) in: Canada – 36%.
The largest increase in the same time was noted in Argentina +63%! In the same period of time in Argentina a production of the passenger cars reached …. 225% of the level from 2019.
Both continents apparently were hit with the same factors causing significant drop in vehicle production. However the sign of recovery in US seems to be clearly visible in this short period of time. The overall situation in America also seems to look a bit more optimistic comparing to Europe.
Jacek Gembara
Jacek@best-growth.com
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