International car sales
Along with a recovering automotive industry in the UK, Germany, Sweden, Poland and other European Union member states, it is forecast that increased demand for cars from customers in Asia will successfully offset tepid growth figures in South Korea and Japan, and help automobile manufacturers sell close to 80 million vehicles by the end of 2019, up from an average of less than 55 million units in the years between 2000 and 2015.
In light of a state that could be dubbed 'peak car' in developed markets, carmakers are particularly keen on tapping into the growing affluence of Asian markets to increase worldwide car sales, where passenger vehicle sales have doubled over the past seven years. Between 2008 and 2016, car sales were on the rise in Indonesia and India; in China, vehicle sales have quadrupled to a staggering 28.9 million vehicles in 2017. Not only is the country Asia’s main producer of automobiles, but it has also emerged as the number one producer of light vehicles.
Chinese joint ventures and leading manufacturers like General Motors or Volkswagen were among the leading passenger car manufacturers in China. It is expected that automakers will undertake unprecedented investment programs to grow their businesses not only in China and India, but also in other emerging ASEAN markets. That said, there will likely be a growth saturation curve in all of these markets.