Worldwide auto sales on track to hit new peaks image

According to a projection made by BMI Research, global auto sales will rise again this year to new records, a pace that is expected to be kept in 2017 as well.

The market analysis made by researchers from BMI shows that global sales of new vehicles are growing further this year, with an increased pace of 3.4 percent compared with 1.9 percent in 2015. The main drivers in 2016 will still be the world’s mature auto markets, such as US and China, the report said. And the year-to-date figures are backing this prediction. The European Automobile Manufacturers Association recently raised its initial 2016 forecast and now it sees the EU region to rise by 5 percent or over 14 million cars sold. Even if the demand for new cars in the United States has slowed down a bit in recent months, its auto market is still expected to come to another record level. And, of course, there is China with its massive potential that it is still triggering a sales growth.

But not only these markets are backing up the upward trend, with regions such Middle East and North Africa also emerging as top performers in growth terms. “We believe this is also the year that the major emerging markets that have been in a prolonged downturn find a bottom. This is one of the key factors behind our forecast for a further improvement in growth to 4 percent in 2017,” BMI said in its report. It also mentioned that the compact SUV and crossover segments will still be buyers’ priority in the near future.

Via The Detroit Bureau