Bangkok--21 Jun--Standard & Poor's
In most corners of the globe, 2009 was a year automakers would probably like to forget, and 2010 promises to be only a little bit better, said an article published today by Standard & Poor's, titled The Outlook For Autos: Sales Growth Will Continue To Sputter In Most Regions.
"The U.S. auto industry is gradually recovering from its worst year since 1970, and Europe is struggling to maintain sales now that incentive programs have ended," said Standard & Poor's Chief Economist David Wyss. But the news isn't dire in all corners of the globe. "Most Asian manufacturers have a more optimistic outlook following solid growth in 2009."
"In the U.S., Standard & Poor's sees a slow return to sales for auto manufacturers following the bankruptcy of two of the Big Three auto producers--General Motors and Chrysler--and light-vehicle sales that totaled only 10.3 million units in 2009," said Mr. Wyss. "We expect sales of only 11.8 million light vehicles in 2010--much less than the 16.7 million average from 1998 through 2007."
Europe is faring only slightly better, and it faces many uncertainties. Incentive programs governments implemented last year boosted sales, but the programs are now winding down.
In contrast, vehicle production in Asia exceeded that of the U.S. and Europe combined in 2009. The global recession did little to dampen auto demand in the region--especially in China and India, where total vehicle sales reached 13.6 million and 12.3 million, respectively. And despite the withdrawal of fiscal incentives, we believe the outlook for sales in Asia-Pacific, excluding Japan, is optimistic.
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