With the impact from the Russia-Ukraine war on global supply chains worsening, and the general economic outlook looking less rosy, Wards Intelligence partner LMC Automotive revised its expectations from two weeks ago and cut forecast 2022 light-vehicle production 1.4 million units to 83.9 million. The global light-vehicle forecast for 2023 was chopped 1.6 million units to 91.1 million. Regionally, Europe is expected to be hit the hardest, with Asia and North America totals also impacted. Production in Europe for 2022 is forecast to total 17.7 million units, Asia is pegged for 46.2 million and North America has been reduced to 14.9 million. In 2023, production in Europe is forecast to rise to 18.7 million units, Asia increases to 49.7 million and North America totals 16.3 million.
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Russia-Ukraine Impact Cuts 1.4 Million Units from 2022 Global Production Forecast
The Analyst Team
Haig Stoddard
Follow AnalystPrincipal Analyst, Forecast & Markets
Haig has followed the auto industry for over three decades, starting as a reporter and editor for Wards Automotive Reports, then transitioning to an automotive market analyst. He analyzes market trends related to new-vehicle demand, production, and powertrain take-rates, and forecasts vehicle connectivity and automation levels
Haig focuses on tying together demand, vehicle production, and powertrain trends. He also has created and co-created several of the company’s current analytical outputs related to forecasts, plant capacities, product cycle plans, market segmentation, and future vehicle propulsion reports. Currently, he supports the Wards Intelligence database and produces regularly scheduled and custom subscription-based posts tied to North American production, sales analysis, forecasts, and general global market analysis. He also is working on projects to help expand the company’s coverage of future trends by creating vehicle-based forecasts related to factory-installed equipment, such as ADAS and mobility.
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