2019/06/02: Global demand for cars will decline 3% in 2019, analysts predict.
There have been at least 38,000 job losses among automakers in the past six months.
One stark example: Commercial vehicle exports from the UK collapsed by 89% in April.
The decline in car sales has already wiped 0.2% off global gross domestic product, according to Fitch Ratings.
The world may have already passed "peak car."
At bank after bank, analysts are coming round to the idea that the world may have passed "peak car" and that in the future people will need fewer personal vehicles.
Certainly, they are telling clients, diesel vehicles will collapse into a niche as their polluting exhausts are regulated out of existence. Petrol/gasoline vehicles will be next, as governments in Europe and the United States set dates for manufacturers to switch their models to electric.
But that's not all. As on-demand services like Uber and Lyft grow their customer bases, more people will decide they no longer need to own a car of their own. Why would you, when it's cheaper to ride around in someone else's?