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德银-2019全球汽车行业报告-2019.12.19-67页

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  • 2020-01-17 18:16:27
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19December2019TheYearinPicturesInordertoremindinvestorsofsomeoftheeventsandthemeswelookedatin2019,wehavereproducedalloftheTablesoftheWeekthatappearedinourAutoWeeklythisyear.Thesechartsandtablesprovideasalutaryreminderofsomeoftheissues(suchasmarketdemand,organicgrowth,productiontrends,newinnovationupdates,emergingmarkettrendsandpolicychangeimpactandaspectsintheglobalautomarketcontext)thatoccupiedmuchofourthoughts.Weexpectmanyofthesetopicstocontinuetobekeyfeaturestoconsiderin2020.2019:Globalcardemand-4%...astutteringperformanceoverallWhiletheglobalcarmarketdippedby7%inH119,thedeclineinH2ismoremodestwith-1%,offaweakbase.ThisismostlyduetoanuptickinvolumesinEurope(+3%einH219),whichbenefittedfromeasycompsfromtheWLPTchangeoverthatoccurredinSept2018.China(wheretheindustrygeneratesaboveaveragemargins)isalsolikelytoremainstableinH2offweakcompsaswell.Overall,comparedto2yearsago,theindustrywasworkingonatrendof+2%p.a.foroveralldemand,andweshouldbe10%belowthattrendin2019.Thisisequivalentto10mlessve

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