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China will drive global auto sales growth, report says
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CHINA will continue to drive global auto sales growth over the next 12 to 18 months, while US consumption will slow, Moody's Investors Service said in a report today.
The report said global car production is likely to moderate next year, three years out from 2013's rebound. However, the report added sales growth would continue in the medium term, spurred by China's relatively high economic growth and relatively low vehicle penetration.
Auto sales in China grew 8 percent in the first seven months of this year, and should meet Moody's full-year forecast of 8.1 percent, the rating agency said.
"We expect global sales of light vehicles to increase 3.2 percent this year, before easing to 3 percent in 2015," said Moody’s vice president and senior analyst, Bruce Clark. "China continues to be the main buyer of light vehicles; its share of that market is set to rise from 27 percent this year to 28 percent in 2015."
It said growth in US unit shipments would slow from 4.3 percent in 2014 to a modest 1.5 percent during 2015, as the supply of used cars rises and as an increasing number of vehicles come off lease.
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