Global automobile market is revived
- ByAyushi Ray | August 20, 2021
Global automobile market is revived As Korean automobile companies’ market share increased to 8 pc, the global automobile market was revived. They have sold 2,297,000 units in the global market in the first half of this year, closing to the level of 2,303,000 units sold in the first half of 2019. In particular, global market share increased by 0.6 per cent p from 7.4 per cent in the first half of 2019 to 8.0& in the first half of this year. According to the Korea Automobile Manufacturers Association (KAMA) on August 19, car sales in the global top seven automobile markets, including the US, China, Europe, India, Mexico, Russia and Brazil, increased 30.6 per cent to 28.57 million units in the first half of last year, showing ‘V-shaped’ rebound. But compared to the 31.04 million units sold in the first half of 2019, it dropped by 8.0 per cent.
By market, India market showed the largest increase of 95.2 per cent year-on-year. It was followed by Russia (38.2 per cent ), the US (29.3 per cent ), China (27.5 per cent) Europe (27.1 per cent ), Brazil (26.3 per cent ), and Mexico (18.1 per cent ). Compared to the first half of 2019 before COVID-19, India (1.5 per cent|) and Russia (6.0 per cent ) showed a positive growth rate. The U.S. (1.3 per cent) and China (1.1 per cent ) also showed a similar level before COVID-19. However, Brazil (24.6 per cent ), Europe (23.0 per cent ), and Mexico (19.6 per cent ) showed relatively slow recovery. The Indian market showed the fastest recovery due to base effect of a sharp drop in sales caused by lockdown to prevent COVID-19 spread last year. In the US market, sales have recovered with the economic policy effect and increased vaccination rate. Sales in the Chinese market have recovered to almost the same level as before COVID-19 with a surge in sales of new energy vehicles (NEVs) such as EVs (217.4 per cent ).
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