IHS Automotive boldly predicts that by 2021, global production of cars would surpass the coveted 100 million mark, up from 85 million predicted for 2014.
Back in 2009, with the worldwide financial crisis in full swing, annual car production reached 61.8 million vehicles, a 12.4% decrease over the numbers of 2008 – but since then the automotive industry has recuperated a lot – reaching in 2013 no less than 82.8 million – a difference of 21 million cars.
The organization now predicts that by 2021 there will be another 25 million units added on top, with sales first reaching and surpassing the 100 million mark in 2018 – and reaching almost 104 million in 2021.
“Segments are changing globally as the emerging markets tip the balance and mature markets come under pressure to downsize,” said Mark Fulthorpe, an IHS Automotive top executive.
“European car makers will meet divergent demand environments, depending on which part of Europe they are more exposed to,” adds Denis Schemoul, IHS Automotive manager for Europe.
The growth is forecast to be sustained by the world’s largest single automotive market, China, which continues to post significantly better numbers than more established markets like North America or Europe.
Still, IHS forecasters predict that Europe’s rebound that should take place in the 2015-2017 period and further gains from emerging markets would also fuel the expansion.