Auto sales are on the rise, especially overseas and in developing markets, with total sales expected to top 100 million by the year 2018 according to analysts from IHS Automotive.
US auto sales are expected to be around 15.5 million this year up from a low of 10.4 million in 2009. It’s not stopping there either, as US sales are expected to continue growing for at least the next four years. Even the situation in Europe, dominated by a gripping recession and company lay offs, is expected to finally start improving in the coming years.
Though the US and Europe will contribute, the real bump in growth is coming from emerging markets such as Brazil, Chile, Thailand and China. In 2012, global auto sales hit a high of 82 million, and even then, Asia produced over half of the world’s vehicles at 43.7 million units.
This rapid growth will put a constraint on suppliers to meet demands, especially considering automakers are expected to introduce 57 new cars and trucks in the US in 2014.
[Source: Detroit Free Press]