Finbar O’Neill, president of J.D. Power and Associates, said that auto industry in the US is bright and gets stronger.
Since 2010 new vehicle sales in the States have already increased by more than 10% annually, O’Neill said. Analysts predict that in 2013 sales in the US will surpass 15.3 million units, an increase from 14.4 million sold last year. By 2015 sales in the region should surpass 16.4 million units. O’Neill added that the auto industry is now in a better place than it was in the mid-2000s, the last time when auto sales surpassed 16 million.
“What you are seeing now is this retail market coming back and solid,” O’Neill said. “And you are seeing the daily rental market still within control.”
The unemployment in the US continues to decrease, the housing industry improves, and so is consumer confidence. O’Neil predicts that global auto sales will increase slightly this year to 82 million units from 81 million units in 2012, as sales will continue to be affected by the economic uncertainty in Europe and the slowing economy in China. Still, global sales are to increase quickly beginning with 2014 and they might reach 110 million units by 2017.