A think tank affiliated with the Hyundai Motor Group announced the recent findings of a study. The research concluded that vehicle sales are likely to rise in 2014 for the first time in seven years across the wide European region.
Though high unemployment rates and the ongoing problems caused by the impact of sovereign debt are likely to limit the extent, European vehicle sales could modestly grow by 2.5% to 13.87 million units next year, the Korea Automotive Research Institute said in a report published last week. The climb compares with an earlier forecasted dip of 3.8% to 13.53 million this year.
Meanwhile, the think tank said it forecasts the recovery across the US market for vehicle sales to wind down in 2014 due to a likely rise in central bank interest rates. It predicted U.S. sales would grow 3.2 % to 16.1 million vehicles, compared with a rise of 7.6 % to 15.6 million this year. The report also said continued demand from China, the world’s single largest auto market, is likely to allow a global vehicle sales climb to 4% next year, up from just 3% this year.
Via Automotive News Europe