Canadian bank Scotiabank has released a report predicting global car sales figures to continue to grow in 2017 leading to an annual record for the eighth consecutive year.
This comes off the back of sharp acceleration in sales in the last few months of 2016 but are expected to slow somewhat this year.
Returns will be boosted by renewed upturn in emerging markets for the first time since 2012, such as eastern Europe, Asia and South America.
However, sales volumes in China are forecast to slow for the first time since 2008.
The US should experience increased replacement demand for the third year, while neighbours Canada and Mexico will slow due to price rises in new cars and light trucks in Canada and rising interest rates, weak currency and fiscal restraint south of the border.
Surprised to see a slowdown in China. Why is this so? Is there an economic slowdown too?
I’m surprised too. I thought car buying was really picking up in China.
Asia leads the pack. Says a lot about the growing region. Great article!
Asia has the most huh. Well that’s already predictable
Cars should slow down sales in Asia not just China. I think there’s a lot of congestion and pollution with a lot of cars buzzing about. Sales of vehicles should be on the more environmental friendly side – we should protect our environment even if we decide to sell vehicles.
Interesting read. Considering the economic growth of Asian markets, I’m not surprised that more car sales will be done there. It’s also a highly populated region so that contributes to the prediction.
Great, it’s nice to see that after the recession the car industry is making a comeback. If more energy efficient cars can start to increase in popularity that would be even better for society.
I am glad about the car sales is slowing down this year. A lot of cars can cause traffic jam and toxic car emissions. I hope car manufacturers should create energy-efficient cars like powered by solar and wind energy.
“Returns will be boosted by renewed upturn in emerging markets for the first time since 2012, such as eastern Europe, Asia and South America.” What I think that, it is good to hear the car sales upturn in emerging markets, it might reflect the improvement of economics in these markets.
Great. I’m glad the car industry is moving forward. Now, if we can keep gas prices low it will be a great time to own a car.
I think the fact of all these car sharing/ car pooling companies like Uber and Lyft are causing the downfall of car buying in a lot of areas. Many people think that they just don’t need a car like they did in past times.
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Cheers Zuk. Glad to have you on board. Thanks for the like and the share.