Asia, World's Largest Auto Market by 2009
Asia Pacific Region Poised To Become World's Largest Auto Market by 2009
Posted by:
Edmunds
WESTLAKE VILLAGE, Calif. — The Asia Pacific region is poised to power past Europe to become the world's largest regional auto market by 2009, according to a study released on Thursday by J.D. Power and Associates.
In just two years, the Asia Pacific region is expected to net 23 million auto sales, versus 22.7 million sales in Europe. Power says future sales "will be bolstered by continued growth in China, plus expected expansion in India, Southeast Asia and Korea."
"Steadily rising incomes in the Asia Pacific region will make vehicle ownership possible for more consumers in those areas, and we expected China and India to remain the forces that drive future global growth," said Jeff Schuster, J.D. Power and Associates executive director of forecasting.
At the current pace of growth, Power notes that China is expected to pass the U.S. as the largest new-vehicle market in the world by 2025.
What this means to you: Asia Pacific will wield more clout in the coming years, affecting everything from design to manufacturing.
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Print | posted on Friday, August 24, 2007 1:21 PM