Worldwide motor vehicle production growth 2015-2023

Global motor vehicle production increased by about 10.3 percent between 2022 and 2023, showing signs of recovery after the COVID-19 pandemic severely disrupted the automotive industry. Further, global motor vehicle production output surpassed pre-pandemic values. While about 92 million motor vehicles were manufactured worldwide in 2019, some 94 million were produced in 2023. 

Trend of declining sales and production

The decline in production started in 2017 as manufacturers were beginning to respond to a general slowdown in demand. While commercial vehicle sales increased between 2017 and 2019, the segment was impacted by the pandemic, sales dropping by nine percent in 2020. In 2021, the market slightly recovered with a six-percent-increase in sales year-over-year, and ultimately increased from 2022 to 2023.

Industry hit heavily by the pandemic

The coronavirus pandemic has caused disruptions in major economies forcing strict lockdown measures in some regions. The standstill was first seen in China, the world’s largest producer of cars and commercial vehicles, and quickly spreading throughout the world. Globally, motor vehicle production declined by more than 15 percent year-on-year between 2019 and 2020, the largest drop in output since the 2008-09 financial crisis.