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It was yet another heady year for China which wrapped up calendar 2014 with sales of nearly 20 million vehicles. The world’s largest producer of cars is expected to grow by another 10 million units by the end of this decade. This is happening at a time when China is expected to record a slower rate of growth in the coming years. Yet, even this level of seven per cent is considerable in a fragile global economy.
India grew by a mere 0.1 per cent from the preceding year to close 2014 at 3.158 million cars. The period from June saw some revival in an industry which has been languishing for nearly two years now. However, there are fears that the recent bout of erratic weather coupled with a tepid job market may act as the spoilsport for some months longer.
India’s production of cars could double to six million units by 2020 making it the world’s third largest producer, but yet quite some way behind China. South Korea and Japan registered pretty flat growth while Indonesia surged ahead by nearly 10 per cent to close 2014 at a little over million units.
Global carmakers are betting bit on the Asia-Pacific region with China and India as the lead growth drivers. Europe and the US are still coming out of the woods and it will be interesting to see how global dynamics change during the course of this decade.
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