Global automotive vehicle production in 2023
World automotive vehicle production increased 9% from 2022 to 2023, reflecting a 13% increase in vehicle production in Europe, 10% in China, 9% in North America and flat production in South America.
In 2023, the automotive industry experienced an increase in global customer sales and production schedules, despite various global uncertainties and global inflationary pressures.
Global automotive vehicle production grew at a year-over-year rate of 10% in 2023, according to a market base weighted by Aptiv, which represents global vehicle production weighted by the geographic regions in which this company generates its revenue.
Aptiv is a global company that specializes in developing and manufacturing technology solutions for the automotive industry. The company focuses on the design and production of advanced safety, connectivity and mobility systems for vehicles.
Generally, demand for automotive components in the OEM market is a function of the number of new vehicles produced in response to consumer demand, which is driven primarily by macroeconomic factors such as credit availability, interest rates, fuel prices, consumer confidence, employment and other trends.
Automotive vehicle production
While OEM demand is tied to actual vehicle production, participants in the automotive components and technology industry also have the opportunity to grow by increasing product content per vehicle by further penetrating business with existing customers and existing markets, gaining new customers and increasing their presence in global markets.
Aptiv believes that evolving participants in the global transportation industry, such as mobility providers, electric vehicle developers and smart cities, will provide additional markets for our advanced technologies.
Automotive industry
The automotive components and technology industry provides critical technologies, components, systems, subsystems and modules to OEMs for the manufacture of new vehicles, as well as to the aftermarket for use as replacement parts for current production and older vehicles.
The conflict between Ukraine and Russia, which began in February 2022, has had, and is expected to continue to have, negative economic impacts for both countries and for the European and global economies.
In response to the conflict, the European Union, the United States and other nations implemented broad economic sanctions against Russia.
