More cars will be built around the world this year than ever before, according to a new report from global accounting giant PricewaterhouseCoopers.
The stellar performance of emerging countries will push the number of "light vehicles" constructed in 2010 to a record level, eclipsing the 2007 high point before the global downturn hit, the firm said October 18.
In total, PwC expects 69.9 million cars to be built around the world and with established markets such as the US, Europe and Japan still struggling, emerging countries are picking up the slack.
Although the US, Europe and Japan managed a 5.6 percent rise in year-on-year sales during the first eight months of 2010, BRIC countries boosted sales by a whopping 33 percent during the same period.
The rapid pace of development means that while in the last construction peak in 2007 the BRIC (Brazil, Russia, India and China) nations accounted for 18.7 percent of global cars produced, this year they are on course to account for over 30 percent.
PwC's Calum MacRae said that although a record level of production in 2010 wouldn't have been predicted a year ago, it's a trend set to continue.
"In light of a muted sales recovery in the US and the effects of government incentive withdrawals being felt across Europe and Japan, it should not be surprising that sales in the established markets through 2010 are in decline or stable at best," he commented.
"With more economic uncertainty as a result of austerity budgets in many countries, the onus for the industry's development in 2011 is once again certain to lie with the developing markets."
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