The car industry grew to a record size in 2011, despite weathering a
year that began with Japan’s earthquake and ended with a gathering
sovereign debt crisis in the eurozone, GoMap reports citing APA,
Both IHS Automotive and LMC Automotive (formerly JD Power Automotive
Forecasting) estimate that sales of cars and light trucks will have
grown by about 4 per cent this year to 75m.
Forecasters are predicting that car sales and production will grow
further next year, but have trimmed their estimates because of worries
about the impact Europe’s debt crisis will have on demand. The
industry’s 2011 expansion was much slower than the low double-digit
growth rates carmakers saw in 2010, when they were rebounding from a
crisis that prompted the biggest government bail-outs for any industry
outside banking.
Eastern Europe, including Russia and Turkey, reported the fastest growth
in car sales this year, followed by South America, according to IHS.
The recovering car market in the US grew faster than China’s cooling
one, up 9 per cent this year, the consultancy says, compared with
China’s 5 per cent.