Auto Chip Shortage Could Be Easing - Electronics Weekly

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However, the production of light vehicles will likely remain below full potential through at least 2023. LMC Automotive’s July forecast of light vehicle production called for 81.7 million units in 2022, up 2% from 2021. LMC’s January forecast was for 13% unit growth in 2021, over 4 million more units than the current forecast.

The July forecast calls for production growth of 5% in 2023 and 7% in 2024. LMC’s April projection for 2023 and 2024 was 4 million units higher each year than the July projection. 2024 production of 91.7 million units should still be below the pre-pandemic level of 94 million units in 2018, five years earlier.

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The key reasons for the shortages of automotive semiconductors are:

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