As if to underscore the increasing power of what was once derided as the “Third World,” and de-emphasize more established markets like the U.S., global auto sales will hit an all-time record this year, forecasts J.D. Power and Associates.
A total of 76.5 million vehicles will be sold around the world, the company predicts, up from the record 72 million mark hit just last year.
But while the slow U.S. recovery will certainly play a part, forecasters say the real driver behind the record trend is China, along with other emerging markets such as India and Brazil.
Notably, for the first time, emerging automotive markets accounted for more than half of global light vehicle sales, in 2010, reported the consulting firm’s senior vice president John Humphry, “clearly signaling the shift of power in the global automotive market.”
While that momentum is expected to continue, however, the motor vehicle boom is occurring almost everywhere.