The rise in APVs is not yet strong enough to support a rebound of the global automotive market in 2020. We expect the latter to experience another decline in volume terms in 2020 (-1%) after a noticeable contraction in 2019 (-4%).
What does this mean for companies? Increased price competition and downside pressure on margins, which will push down the combined EBITDA of the top 25 automotive manufacturers (-11% in 2019 and -3% in 2020) in an environment of low revenue growth (+1%).