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Automakers bank on China to drive market up
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Carmakers are banking on China to drive the global auto market upward over the next 12 to 18 months as sales in Western Europe have hit a trough while those in emerging markets like Brazil are trailing expectations, Moody’s said in a report yesterday.
“We anticipate a mild increase in sales growth to 4.8 percent for 2014 from our newly revised forecast of 3.2 percent for 2013, because of higher-than-expected demand in China,” said Falk Frey, senior vice president of Moody’s and author of the report.
“As the Chinese car market continues to grow above GDP growth rates, we have revised upward our forecast for light vehicle demand growth (in the country) to 10 percent from our January expectations of 7 percent growth for both 2013 and 2014.”
Meanwhile, sales of light vehicles in Western Europe are set to hit bottom this year with a 5 percent decline before rising 3 percent next year. But Moody’s said this figure still falls short of its hopes for a 5 percent increase.
The report also said demand in Brazil is losing steam amid rising interest rates, high inflation and increasing indebtedness of private households. Light vehicle registrations in Brazil fell 11 percent in June year on year.
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