It’s often said that things get worse before they get better, and that’s certainly true for automotive production in 2021.
IHS Markit forecasts that North American automotive manufacturers will build just slightly over 13 million light vehicles in 2021 because of a crippling shortage of microchips. That figure is 0.2% lower than 2020, when the pandemic shuttered auto factories across the U.S.
But amid this doom and gloom, IHS slides in a glimmer of hope—production will rebound in 2022 and in the years that follow production will steadily increase to a record 18.2 million vehicles in 2024.
IHS data encompasses production outlooks through 2028 by region and industry totals. Amidst the data a few things stand out:
In 2027, IHS forecasts global vehicle production will top 100 million for the first time, marking a 34% increase over 2021.
On the sales side, IHS projects combined deliveries in the U.S., Canada and Mexico will peak in 2024, at more than 21.1 million.
The sales data also includes forecasts for other regions, including China, where the company projects sales will increase even faster than in North America. IHS projects that market to top 30 million in 2025.
