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Europe Here 2022.Q2.rar
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Europe Here 2022.Q2.rar
The global automotive market remained on an improving path during much of last year, showing resiliencedespite the lingering chip shortage, cost-of-living concerns, the impact of the Russia- Ukraine war, andthe severe lockdown in China. Automotive demand for full year 2022 increased by 12% year-on-year (+311koz), reaching 2,957 koz. Despite vehicle production remaining short of pre-pandemic levels, acombination of factors is boosting platinum automotive demand growth. Firstly, in 2022, there was a 28%increase in the manufacture of hybrid vehicles, which typically require higher loadings in theaftertreatment system. Secondly, tighter emissions legislation, particularly in China, also resulted inhigher loadings (especially in heavy-duty diesel vehicles). Lastly, there was growing platinum forpalladium substitution, and, significantly, the increase has meant an upward revision to thesubstitution estimate by close to 100 koz, to 540 koz for 2023. With these trends set to continue,global automotive demand is expected to increase by 10% in 2023 to 3,246 koz (+288 koz). 59ce067264