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德安华(Kroll):2026年冬季全球汽车行业估值及并购交易报告(中译版)(19页).pdf

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1、W INT E R 20 26Industry InsightsAutomotive IndustryLearn MorePHOTO TO BE UPDATEDIndustry HighlightsOverview2Globally,2025 has been another year of muted growth for the automotive industry as global vehicle sales volumes are only expected to grow 1.5%to 90 million units by the end of the year.1 2026

2、is expected to be another year of sluggish growth,marked by global geopolitical and tariff uncertainty.2,3,4U.S.auto sales have remained resilient despite tariff headwinds.2025 sales are expected to grow less than 1%compared to 2024.5 The U.S.auto industry saw a period of increased demand early in t

3、he year as customers rushed to purchase vehicles before new tariffs went into effect.Additionally,electric sales saw a bump in the third quarter as customers purchased electric vehicles(EVs)before the discontinuation of certain tax credits in September.2,5 EV market share remained steady as battery

4、electric vehicles(BEVs)and plug-in hybrid electric vehicles(PHEVs)made up 9%of first-half 2025 sales,compared to 10%in 2024.6Chinese auto sales have accelerated in 2025 with year-to-date(YTD)sales through September up nearly 13%year-on-year(YoY)from 2024.Strong sales figures were bolstered by govern

5、ment subsidy programs,successful new auto model launches and strong consumer confidence.7 China continues to lead the world in EV adoption,as over half of new cars sold are either BEVs or PHEVs,although EV sales growth is expected to slow down.1,8In Europe,vehicle sales through the first three quart

6、ers of 2025 increased 1.6%compared to 2024.New car registrations declined in the first half of the year,but accelerated in Q3 due to the launch of new car models and better affordability of EVs.EV adoption continues to increase as gas-powered cars only make up 27%of new cars sold so far in 2025.9 Ve

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1. **全球汽车市场增长放缓**:2025年全球汽车销量预计增长1.5%至9000万辆,2026年因地缘政治和关税不确定性增长停滞。 2. **区域市场表现分化**: - **中国**:2025年前9月销量同比增13%,EV占比超50%,但2026年可能因补贴退坡下滑5%。 - **美国**:2025年销量微增(<1%),EV占比约10%;2026年因关税和补贴结束预计下滑3%至1560万辆。 - **欧洲**:2025年前三季度销量增1.6%,EV占比62.2%;2026年受关税、通胀影响增长不足2%。 3. **关税影响**:2025年全球汽车及零部件关税收入预计410亿美元,车企与消费者成本各担50%,单车成本增5.8%-7.3%。 4. **行业风险**:2025年M&A交易量降至347笔(10年最低),First Brands和Tricolor破产引发信贷市场担忧;美国次级车贷违约率创纪录。 5. **股价表现**:EV指数跑赢标普500,但汽车经销商和供应商指数下跌,反映消费疲软预期。
**全球车市如何?** **关税影响几何?** **电动车趋势怎样?**
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