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Research and development continues to drive innovation as the industry prepares for longer-term growth forecast to reach 101 million units by 2017
DETROIT, 22 July 2013 – Global light vehicle assembly is expected to reach 81 million units in 2013, an increase of 2.3 percent compared to 2012, according to Autofacts, PwC’s automotive analyst group. While the global market is expected to see positive growth overall, there are a number of mixed signals at the regional level. North America and Developing Asia-Pacific markets are driving most of the growth, while Developed Asia-Pacific is expected to see continued declines as assembly is localised abroad. The European Union, meanwhile, is not expected to see volume recovery until 2014.
“Economic performance is anticipated to remain mixed through the remainder of 2013,” said Rick Hanna, PwC’s global automotive leader. “However, we do see light at the end of the tunnel and are forecasting a global compound annual growth rate of approximately 5 percent, double the 2013 rate, through 2017.”
Strong growth in Developing Asia-Pacific, improving stability in the EU and investment in new technologies will drive the industry forward. Autofacts forecasts annual global light vehicle assembly to reach 101 million by 2017.