Global car market growth continues unabated
- Since the global market rebounded in 2010, following the economic and financial crisis in 2008-2009, the global market has grown steadily for over eight years.
- It went from 61 million units (PC+LCV ) in 2009 to 81 million in 2012 and 91 million in 2016. Last year, it stood at 93 million units and according to Inovev figures for the first eight months of 2018, it could increase by almost 3% this year, which would augur a market greater than 95 million units. Growth is however slowing, as sales grew 20 million units in three years, between 2009 and 2012, and only 10 million units in four years, between 2012 and 2016, and will not increase by 10 million more units before 2021.
- On the graph below, we can observe this slight slowdown in the growth of global sales between 2010 and 2018. We also observe a seasonality of sales which is relatively well respected from year to year, with a peak of sales in March of each year and a sales dip in August of each year.
- Global growth is driven mainly by China, as it accounts for 50% of the growth between 2010 and 2018, and now accounts for one third of global sales (25% in 2010). The US accounts for 25% of global growth over the period. These two countries account for 75% of global growth.
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