Analysis by LMC Automotive shows that the global light vehicle market grew 1.2% year-on-year in March and was up 2.4% in the first quarter (to almost 24.2m units).
LMC says the annualised selling rate was up to 94.1m units a year in March (up from 93.6m units a year in February), helped by market growth in the US and China, as well as continuing recovery in the East European and South American vehicle markets.
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In the US, light vehicle sales finished March with 1,652,000 units sold, up 6.5% on a year earlier. It also translates to an annualised sales rate of 17.4m units a year (up 400,000 units on February’s total).
Sales in Canada were down 0.6% in March, while preliminary data suggests a 12.9% plunge in light vehicle sales in Mexico.
The West European market posted a March decline of 5.8% on last year’s pace. The falling UK market acted as a major drag on the regional total, but other markets were also down or showing only modest gains. Diesel uncertainties in the market remain a major concern, consumers holding off replacement amid the possibility of higher taxes for diesel vehicles.
The recovery in Russia continued: March light vehicle sales up 13.9% to 157,000 in March.
China’s annualised selling rate picked up to 28.8m units a year in March, indicating some underlying demand strength there, in spite of a slowing economy and worries over trade friction with the US.
Sales in Brazil continued to improve last month, light vehicle sales up 8.5% in March and 14.5% in Q1, versus last year. Political uncertainty in Brazil remains a concern though.
