IHS: Global vehicle production to increase by 21M units by 2021, China to account for half

Filed under: China, Europe, Japan, Plants/Manufacturing, Russia, South Korea

The global automotive market will continue to surge into the start of the next decade, according to a new report from IHS Automotive. The analytical firm is reporting that global annual production will increase by 21 million units by 2021. Global production has already seen a 25-million-unit increase since the dark days of 2009.

Not surprisingly, China will dominate global production, while its neighbors in Japan and South Korea focus on foreign production, rather than building vehicles in their home markets. The North American market, meanwhile, will be kept going with the help of the same foreign investments that are leading to a decline in Japanese and Korean production.

Europe is a different case altogether, as the continent continues its economic recovery. Russia and Turkey will fall back in 2014, although IHS is predicting demand will increase four percent per year from 2015 to 2017. As for production, the percentage of European-built vehicles that are sold in Europe will fall by 2021, from 70 percent to 50 percent. That number could be greater, although IHS is arguing that significant recoveries in the struggling Italian and Spanish markets will help keep sales of Continentally produced vehicles afloat.

Take a look below for the official press release from IHS.

Continue reading IHS: Global vehicle production to increase by 21M units by 2021, China to account for half

IHS: Global vehicle production to increase by 21M units by 2021, China to account for half originally appeared on Autoblog on Mon, 12 May 2014 09:30:00 EST. Please see our terms for use of feeds.

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