China, India And Europe Boost Global Car Sales 5.6%
As per the Global Auto Report released by Scotiabank in January 2017, global car sales are most likely to be on the upward increasing curve for a record eighth consecutive year. In spite of lingering economic uncertainty, total vehicle sales in 2016 had been up five.6% on the year prior to with enhanced demand in China, India and Europe more than compensating for the continued decline in Russia, Brazil, South Africa, Japan and South Korea.
Also worth noting: the RAM Pickup outsells the Chevrolet Silverado for the very first time ever, though the Mercedes-Benz C-Class is the major-promoting luxury model worldwide, moving previous the BMW three-Series which dropped just outside the top-30 with one hundred.277 sales.
India is expected to be the fourth largest automotive market place by volume in the world exactly where, two-wheeler production has grown from 8.five Million units annually to 15.9 Million units in the final seven years and tractor sales are anticipated to grow at CAGR of eight-9%, in subsequent five years, producing India a possible market place for the International Brands.
In a prior piece, I forecast that by 2019 10% of US sales will be EV/PHEVs And Europe is probably to start pushing EVs far more aggressively from now on following the Volkswagen diesel scandal and many episodes of intense air pollution in some of Europe’s major cities.
The majority of worldwide development can be attributed to a revised Chinese automotive legislative regime, as Chinese-targeted auto excise duty incentives are anticipated to continue by means of 2017, albeit at a reduce rate of 7.5 % for qualifying vehicles (up from 5 % in 2016).