Global Car Production Reaches Its Peak

Then there will be only a decline.

Sales of new passenger cars are gradually starting to decline around the world, although automakers continue to increase production volumes. Humanity does not need so many cars anymore, according to Bosch.

Global Car Production Reaches Its Peak photo 2

Bosch, one of the world's largest suppliers of components for automakers, sees the further development of the industry not in increasing volumes but in reducing the production cost of electric vehicles. This was stated by Bosch CEO Volkmar Denner.

According to LMC Automotive, global sales of passenger cars fell by 4% at the end of 2019, compared to the volumes of 2018 (90.3 million cars against 94.4 million). The 2017 figure is 95.2 million cars sold. The forecast for 2020 is 89 million.

According to Volkmar Denner, this process will continue until 2025, when a new generation of electric vehicles will appear. During this time, the global car production volume will be reduced by 10 million vehicles per year compared to the volume of 2017. However, the gradual transition to electric vehicles can give the industry a new impetus for further development. If EVs become a mass product, then manufacturers will be able start increasing production volumes again.

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