Global Vehicle Sales Hit Record 82 Million Units in 2012

Global Vehicle Sales Hit Record 82 Million Units in 2012

Sales of new vehicles hit a record last year with over 82 million units being sold according to a report by the International Organization of Motor Vehicle Manufacturers (OICA).

Despite continues concerns of economic uncertainty, the figures represent a strong sign in consumer confidence and a recovered auto sector with the tally representing a 34 percent increase over the 2009 slump. In the midst of a global economic slowdown, just 61.2 million new vehicles were sold that year.

As for vehicle production, a total of 84.1 million units were manufactured in 2012, with Asia leading the charge. In total Asia produced over half of the world’s vehicles last year at 43.7 million units, with roughly 20 million manufactured in the Americas and slightly under 20 million in Europe.

The resurgent American economy led that country (as well as NAFTA partners Canada and Mexico) to increase production by 17 percent while Japan and South Korea saw increases of 11 percent. Europe swung the opposite direction with manufacturing of vehicles in Western Europe dropping  percent.