The global light vehicle market is on track for a forecast recovery but remains well below pre-pandemic levels, according to the latest analysis by GlobalData, a leading data and analytics company.

“Our analysis points to a slightly disappointing August result for the global vehicle market, but that followed a strong July,” says Automotive Analyst at GlobalData, Calum MacRae.

GlobalData forecasts that the global light vehicle market in 2020 will decline by 16.6 per cent to 74.2 million units.

“The sales pattern this year has unfolded in line with our forecast. The Chinese market took a big hit in Q1 and the second quarter was the global low point when lockdowns across the world caused the market to be 31 per cent down on GlobalData’s pre-COVID projections.

“However, there are grounds for optimism on the back of a gradually improving performance, with the third quarter forecast at just 4 per cent under our pre-COVID projections after global light vehicle sales declined by just 3.7 per cent in July and 9.1 per cent in August.

“It is important to note that risks remain. To hit 74 million units this year, government support for the industry in markets across the world needs to continue. Also, any substantial worsening of the global public health crisis that adversely impacted economies would undoubtedly hit car purchasing intentions.”