BERLIN, Jan. 11 (Xinhua) -- The global passenger car market is expected to grow 4 percent to 74 million units in 2023, the German Association of the Automotive Industry (VDA) said during its annual kick-off press conference on Wednesday.
Despite the moderate growth predicted for this year, market volumes worldwide would remain 8 percent below pre-COVID-year 2019, according to the industry association.
The market in China has already recovered more quickly and is "back above the pre-COVID-19 level in 2022," the VDA said. Sales in the world's biggest car market are to increase by 3 percent to 23.7 million units this year.
The passenger car market in the United States is expected to grow by 4 percent to 14.2 million units, while the VDA forecasts a 5 percent sale increase to 11.8 million passenger cars in Europe.
Last year, the lack of intermediate products, high energy and raw material prices and the uncertainties due to the Russia-Ukraine conflict "dampened the market and production considerably," the VDA said last week. ■