As 2020 draws to a close, several markets continue to struggle with the COVID-19 pandemic. While promising vaccines are starting scale deployment, uncertainty remains heightened as efforts to rein in COVID case counts present near-term headwinds. Nonetheless, in many cases, tight inventory levels and resilient demand are creating conditions which continue to support vehicle production.
The forecast update reflects noteworthy upgrades particularly focused on Greater China, Europe and North America, among other regions. Notwithstanding the aforementioned resurgence in COVID-19 cases in several areas, the return of lockdowns, where being implemented, is not having quite the same effect as was experienced earlier in the year. Further, manufacturing remains open and dealers are navigating the situation rather effectively. More importantly, while there are some exceptions, consumers generally remain actively engaged in the light vehicle market.