Report: Auto sales will gain momentum worldwide in 2010
By Andrew C., 30 Aug, 2010. 0 Comments
Scotia Economics predicts that in 2010, there will be better access to credit and a return to 3% growth in the global economy. As a result, auto sales are expected to gain momentum worldwide and this scenario sets the stage for record volumes in 2011.
According to the report released recently, China, which became the world's largest auto market in 2009, will lead the way. India and Brazil follows closely. However, the US market is expected to experience a double-digit advance. Carlos Gomes, senior economist at Scotia Economics, said that global car sales will continue to be lifted up by the enormous and synchronized monetary and fiscal stimulus. So far, it has generated a global economic recovery, which includes improving auto lending globally. Gomes said that Scotia Economics, which is the economic research arm of Canada's Scotia Bank, also estimates that “auto loans across major markets bottomed in the first quarter of 2009 and have improved consistently alongside a thawing in global credit markets and falling interest rates." Gomes also forecasts that vehicle purchases in the US would be boosted up by rising incomes, pent-up demand and low prices.
[via reuters]
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