Global automotive production grows 9% in 2023
Global automotive production grew at a year-on-year rate of 9.3% in 2023, to 88 million 619,000 vehicles.
This reflects a return to pre-pandemic 2019 production levels, but is still 5% below 2017 peak levels.
Overall, global automotive production was subject to fluctuations due to factors such as market demand, global economic conditions, environmental regulations, and raw material availability, among others.
In 2020, the automotive industry experienced a significant decline in global production volumes as a result of the Covid-19 pandemic.
In 2022, industrial production recovered modestly, increasing 7.7% compared to 2021, to 81 million 050,000 units.
Since 2020, the global economy, as well as the automotive industry, have been influenced directly and indirectly by macroeconomic events that resulted in unfavorable conditions, including shortages of semiconductor chips and other components, elevated levels of raw material and labor inflation, higher interest rates, and labor and energy shortages in certain markets.
Global automotive production
Beginning in the third quarter of 2023 and continuing through the fourth quarter of 2023, the automotive industry was impacted by labor strikes and related disruptions at certain facilities in the United States.
According to Lear Corporation, some of these factors, among others, continue to affect consumer demand as well as the ability of automakers to produce vehicles to meet demand.
Accordingly, Lear’s strategy to mitigate these impacts on global automotive production encompasses its comprehensive cost management process, including cost technology optimization, actions to further align its manufacturing capacity with the industry’s current production environment, and investments in Industry 4.0 technologies.
From their perspective, this will enable Lear to improve operational efficiency, improve utilization of existing facilities and equipment to reduce future expenses, and optimize and automate administrative functions.
Lear supplies all vehicle segments of the light vehicle original equipment market in all major automotive producing regions of the world.
Among the world’s largest automobile producers are Volkswagen, Toyota, Stellantis, Ford and General Motors.
