Automotive Industry 2023 | Automotive Market Outlook

Global light vehicle (LV) sales reached 79.9 million units in 2022, registering 1.3% lower sales than in 2021. China was the top-selling market with 25.7 million units, ahead of the United States at 13.9 million and Japan at 4.1 million. The Russo-Ukrainian War resulted in production delays owing to part supply delays and semiconductor shortages, leading original equipment manufacturers (OEMs) to skip certain advanced driver-assistance system (ADAS) features to avoid delays in vehicle deliveries. Audi and Skoda paused production because of supply chain issues. VW, BMW, Ford, Toyota, Renault, and Hyundai halted production in Russia.

This Growth Outlook takes a deep dive into regional sales of global light vehicles, including key highlights of 2022 and the top trends driving the industry in 2023. It covers major automotive market segments encompassing shared mobility, electric vehicles (EVs), connectivity and telematics, autonomous vehicles, and the aftermarket. OEMs are vertically integrating EV-related capabilities to mitigate against supply chain disruptions, increase efficiency, and establish competitive advantages. Changing customer needs in areas such as gamification, productivity, and entertainment inside the vehicle are creating need for various in-vehicle convenience services made to improve occupant experience.