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China increases its share of light vehicle production

China increased its share of light vehicle production worldwide, achieving a record high in 2023.

After reaching an all-time high market share of 31.8% in 2022, it raised this indicator to 31.9% the following year.

With this, light vehicle production in China increased to 28.8 million units.

How are light vehicles defined? They are designed to transport passengers and/or cargo with a total weight of up to 3.5 tons. 

These units are:

  • Passenger cars.
  • Vans and minivans
  • Sports utility vehicles (SUVs).
  • Pick-ups.
  • Light vehicle production

Globally, manufacturing of these types of units rose from 82.3 million in 2022, to 90.3 million in 2023.

The all-time high was recorded in 2017, when 95.1 million units were produced worldwide.

As of mid-January, S&P Global Mobility‘s forecast for light vehicle production for calendar year 2024 is 15.8 million units for North America, 17.4 million units for Europe, 12.2 million units for Japan and Korea, and 28.9 million units for China.

These vehicles are generally designed for personal, commercial or utility use and have a lower load capacity and weight compared to larger vehicles such as trucks and buses.

S&P Global Mobility’s forecast for light vehicle production for calendar year 2025 is 16.2 million units for North America, 17.5 million units for Europe, 11.8 million units for Japan and Korea, and 30.1 million units for China.

Automotive Industry

Cooper-Standard Holdings refers that within the automotive industry, sales to original equipment manufacturers are lower during the months prior to model changes or during the closing of assembly plants. 

Traditionally, automotive production slows during July, August and the year-end holidays, and companies’ quarterly results may reflect these trends. 

However, economic conditions and consumer demand can change the industry’s traditional seasonality.