Global Commercial Vehicle Production Expected to be down 22 Percent in 2020 in Wake of COVID-19, According to IHS Markit Forecasts
IHS Markit Ltd. Common Shares (INFO)
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Source: Business Wire
SOUTHFIELD, Mich.--(BUSINESS WIRE)--Global commercial vehicle production (GVW 4-8) volumes in 2020 compared to 2019 are forecast to be down 22 percent (more than 650,000 units) to 2.6 million units, in the wake of the COVID-19 pandemic, according to the most recent analysis from IHS Markit (NYSE: INFO). Individual regional forecasts are set to a downtrend, and supply chain impacts are being felt, as the consequences of the virus have shuttered manufacturing and supplier facilities around the world. These forecasts are informed by the latest IHS Markit global economic forecast updates, which reflect a 3.0 percent decline in global real GDP in 2020.China Slowly Gaining Momentum after ShutdownMost commercial vehicle factories in mainland China have returned to production now. Earlier this year, shutdowns across China resulted in more than 80,000 units of lost production among truck manufacturers in the January-February period; March output appears to have recovered a portion of this
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