Introduction

Bruno Jetin

A chapter in Global Automobile Demand, 2015, pp 1-9 from Palgrave Macmillan

Abstract: Abstract The global automotive industry is experiencing a great transformation. The dynamic of global automobile demand is shifting from the mature economies of the West to the emerging economies. The phenomenon is recent. In 2005, around 20 million vehicle units1 were sold in Asia, Oceania and the Middle East,2 as much as in North America,3 and more than in Europe.4 This itself is a milestone because North America and Europe used to dominate the global market outrageously, with more than 70% of global vehicle sales until the end of the 1900s. In 2013, Asia sold 40 million new vehicles, more than twice the sales in North America (18.7 millions) and Europe (14 millions). It means that Europe and North America now account for only 43% of global sales, less than Asia (47%).5 This is another spectacular illustration of the shift of wealth towards Asia and the advent of a multipolar world. Of course, much of the shift owes to China rise. The Chinese automobile market is now the biggest in the world. But if we exclude China, Asia still has a market of more than 18 million units, the same size as the North American market in 2013, and four million units greater than the European market. And if we also exclude Japan, Asia still enjoys vehicles sales of around 13 million units, about the same size as the European market. This is because many economies have emerged and now have a middle class, which buys automobiles.

Keywords: Income Inequality; Gini Coefficient; Household Consumption; Purchase Power Parity; Great Recession (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-51614-5_1

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DOI: 10.1057/9781137516145_1

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