According to a report published today by Canadian-based Scotia Economics, car sales are set to gain worldwide momentum in 2010 on the back of better access to credit and a return to a 3 per cent growth in the global economy.
Assuming the report is accurate, 2011 sales figures could reach record numbers all over the globe with China, which became the world’s largest auto market in 2009, joining India, Brazil and the US in making double-digit advances in the market within the next 12 months.
“Global car sales will continue to be buoyed by the ongoing massive and synchronised monetary and fiscal stimulus, which has generated a global economic recovery, including improving auto lending across the globe,” said Carlos Gomes, senior economist at Scotia Economics.
“In fact, we estimate 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.”
Mr Gomes also said vehicle purchases in the United States would be bolstered by rising incomes, pent-up demand and low prices.