Industry trends

According to data from the World Organization of Automobile Manufacturers (OICA), global automobile production and sales reached their peak in the past decade in 2017, with 97.3 million and 95.89 million vehicles respectively. The global economic expansion period ended in 2018, and the overall global automotive market declined accordingly. By 2023, there will be 81.6 million cars worldwide. At present, over 90% of global automobiles are concentrated in Asia, Europe, and North America, with Asia accounting for 56% of global automobile production, Europe accounting for 20%, and North America accounting for 16%. The main global automobile production countries include China, the United States, Japan, South Korea, Germany, India, and Mexico; China is the world's largest producer of automobiles, accounting for approximately 32%.