Page 28 - TTG-Taiwan Transportation Equipment Guide 2023-04 Edition

26
Industry News

The global market for EVs has been experiencing its rapid growth over the past five decades.

EVs to Continue Pumping Momentum ue Pumping Momentum
EVs to Contin

into Auto Parts Industry Amid Global uto Parts Industry Amid Global
into A
Economic Slowdownwdown
Economic Slo

By Steve Chuang

After robust growth in the past few years, the China and India will continue to serve as major
global automotive and auto parts industries will growth locomotives, with the former, where
likely be fretted by a slowdown, for various reasons, nationwide unemployement is torturing the Chinese
this year, when the International Monetary Fund government for the time being though, forecast to
(IMF) has just reported gloomy economic forecasts enjoy an enviable growth rebound of 5.3 percent
for 2023. However, the energetic development of from 4.3 percent.
electric vehicles (EVs) is expected to help keep
insiders afl oat. EVs to Lead Industry’s Growth

Mixed Outlooks In the face of a mixed economic climate, most
professionals from the automotive and auto parts
IMF’s latest report indicates that advanced industries are less optimistic about their 2023
countries are predicted to suffer from downturn performance compared to the past few years.
while developing economies are likely to recover Nevertheless, a ray of hope remains at the end of
from rock bottom. The mixed results, to which the the tunnel, as the development of EVs continues to
latter’s move to lift COVID-19 requirements later be on a promising track.
than the former is attributable, are anticipated to
lead to a global economic growth slowdown to 2.9 According to the latest report from Automotive
percent compared to 3.4 percent in 2022. Research & Testing Center (ARTC), a Taiwan-
based automotive industry research institute, global
According to the report, advanced economies EVs sales are estimated at 71.1 million units in
are likely to experience a combined growth drop the first nine months of 2022, and to exceed 10
from 2.7 percent in 2022 to only 1.2 percent this million units as of the end of the year, a whopping
year, with the U.S., the U.K., Euro area and Japan growth compared to only 1 million units in 2017.
to report shrinking GDP growth of 1.4, minus 0.6, 0.7 Noteworthy is that the share of EVs in the whole
and 1.4 percent, respectively. automotive market has also surged more sharply
than expected to 12.8 percent from only 1.3 percent
In comparison, emerging markets and seen in 2017.
developing economies are expected to finish
this year with a combined growth of 4.0 percent By sale volume till the end of last September,
from 3.9 percent tallied in 2022. Among them, China remains the largest single regional market