News

Current Status of Automobile Market in 2015 Across Geographies

Automobile market has shown a diverse growth rate in different parts of the world in 2015. While China is showing a shrink back in the automobile market, U.S. continues to show a steady growth in the current market scenario. Although China continues to be the top market, the sales are decreasing their pace due to the current economic status. On the other hand, U.S. sales are expected to top high numbers with its current pace.   The growth path of the U.S automobile market is reflected in August 2015 sales figures released in the first week of September by Sweden's Volvo. The company's U.S. sales soared to 18.3% in August 2015, while they rose 6.5% in Europe. But sales in China sunk by 10%. While Mercedes-Benz, Honda and Toyota picked up market share in China during August 2015 with positive sales growth, General motors and ford china showed a decline.   The comparative growth in the U.S. automotive and transportation market is believed to be a result of an assured U.S consumer line being attracted to dealership by low interest rates, low gas rates and alluring new range of SUVs like Honda HR-V and Jeep Renegade.   Lastly, talking about the Indian scenario, the automotive sector is showing a steady growth here. India is predicted to become the world’s fourth largest automobile manufacturing nation by 2020, with a growth of approximately 3.5 million units today to over 7 million units. With the increasing demand in the current automobile market, Indian Government has lent a support system which led to the ‘Make In India’ programme. This will help India transform into a global manufacturing hub in the coming years.