World car sales to pick up sharply in 2010: Scotiabank
Wednesday 30 December 2009
New car sales around the world will gain momentum in 2010 after an initial recovery this year, likely setting the stage for record sales in 2011, the research arm of Scotiabank said Tuesday in a report.
The emerging markets of China, India and Brazil will take the lead, but "the key US market" will not be far behind with an expected double-digit, 10 percent growth in auto sales, Scotia Economics said in its Global Auto Report.
"Global car sales will continue to be buoyed by the ongoing massive and synchronized monetary and fiscal stimulus," said Carlos Gomes, senior economist of Scotia Economics.
The stimulus "has generated a global economic recovery, including improving auto lending across the globe," he added.
The report said better access to credit and the return to three percent growth in the world economy will enable 2010 car sales to recover half the ground lost over the past two years, setting the stage for record volumes in 2011.
In the United States, car sales stopped declining by mid-year and have resumed normal annual growth rates since August as the economy experienced a "nascent" recovery, the report said.
In 2009, China surpassed the United States as the world's biggest car market, with sales surging by more than 40 percent to 7.3 million units in 2009, with an additional 20 percent growth expected in 2010 to almost nine million vehicles.
In India, car sales also reached a record 1.4 million units in 2009, with gains accelerating sharply in the second half of 2009 and credit availability improved, Scotia Economics said.
Life & Style blogs
Versace haute couture review: Beautiful evening dresses are some of the loveliest Donatella has ever created
The face of fertility: why do men find women who are near ovulation more attractive?
What supermodels really think about posing in the nude
People all over the world are getting semicolon tattoos to draw attention to mental health
Minecraft: Story Mode trailer revealed with cast of stars
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
- 1 Humans of New York image of crying gay teen receives best response from Ellen DeGeneres
- 2 People all over the world are getting semicolon tattoos to draw attention to mental health
- 3 Greek debt crisis: Yanis Varoufakis's funniest (and most memorable) quotes
- 4 The biggest first date turnoff has been revealed
- 5 Swedish minister gives strongest case yet on why EU should stop turning away asylum seekers
£35,000 - £40,000 based on experience : Metail Ltd: As a Business Development ...
£30 - 40k (DOE) + Bonus & Benefits: Guru Careers: A Product Manager / Product ...
£16000 - £17000 per annum: Recruitment Genius: This is an exciting opportunity...
£17000 - £27000 per annum: Recruitment Genius: The Company are looking for a S...