Strong growth in China leads Moody’s to raise global vehicle sales projections
Moody’s is raising its base case forecast for global light vehicle unit sales in 2010 and 2011, boosted largely by improving economic prospects and sales growth trends in China, where 2009 sales surpassed expectations. Volume forecasts for North America, Europe and Japan remain virtually unchanged.
- We expect the Chinese light vehicle market to remain on a growth path for the next two years with demand rising 10% each year driven by accelerating GDP growth and the still-low level of auto ownership. We project unit sales of 14.3 million in China in 2010 and 15.7 million in 2011, up from 11.8 million and 12.9 million, respectively, previously.
- In percentage terms, we anticipate global unit sales volumes to grow by 2% in 2010 and by 7% in 2011. The year-on-year percentage change is now based on actual 2009 volumes.
Moody’s outlook for global automotive manufacturers is stable.
For details, see Outlook Update: Global Automotive Manufacturers: China, North America will drive slight recovery in global light vehicle demand in 2010; Europe remains in sharp decline (Premium)
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