The global automotive industry is driven by a number of factors. Increasing demand for fuel-efficient cars and passenger cars, along with government support, are all contributing to the growth of this industry. This is a burgeoning market, with Asia Pacific accounting for the largest share of total sales. The region is also undergoing rapid technological advancement, with engine technology progressing at a fast pace. Government incentives and increased investments are also driving the market in Asia Pacific countries.
Car Sales in India and Brazil Are Expected to Surpass Combined Volumes of Western Europe And Japan by 2020
The cyclical recovery in global auto sales started in mid-2009, and gains have moderated this year to five per cent from 12 per cent in 2010. Purchases in the United States will hit 13.4 million units this year, the highest level since 2007. Western Europe remains the weak link, with declining sales in debt-ridden Mediterranean nations. If the debt crisis is not sorted out, the weakness could spread further across the region.
By 2020, car sales in India and Brazil are expected to surpass those in Western Europe and Japan combined. By 2030, these markets will account for nearly half of the global car market. The automotive industry in India is rapidly developing, with growth accelerating as the economy improves. The country is a key export market for Japanese companies.
While the global auto market is showing a recovery from the crisis, the growth of electric vehicles remains stagnant. The electric car market … Continue reading >>>