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The global car market’s seemingly inexorable march to higher and yet higher annual sales, which stumbled only briefly during this past financial crisis, remains on course for yet another year of growth. However, if AID’s latest pulse-sensing at the nine months stage is any guide, this year’s global car sales growth will be little more than half of last year’s level
First and foremost, the breathtaking car sales growth seen in recent years in China, the auto-industry’s main growth locomotive in the past dozen years, has slowed a great deal.
This couldn’t fail but pull on the brakes of global car sales growth.
Adding the inevitable negative impact of this year’s slight drop in US Light-Vehicle sales, seasoned market observers are hardly surprised that this year’s global car sales growth at the nine month stage has slowed down to just 2.8 per cent compared with last year’s faster rate of 5.6 per cent during this same nine months spell.
AID compiled figures reveal that nine months global car sales, including Light-Vehicles rather than just passenger cars for major market such as the US, have edged up just 2.8 per cent.
Compared with last year’s sales expansion during the same nine months spell, that’s effectively a halving in the market’s underlying car sales expansion during these past twelve months alone.
A closer examination of the reasons why this year’s car sales activity has slowed notably suggests this may be about to turn into a permanent rather than a temporary shift.
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