Auto sales to rise 8% in 2014, Moody's predicts
Sales of passenger vehicles in China are expected to grow 8 percent this year -- preserving the country's status as the global auto industry's top growth market, according to a report issued by Moody's Investors Service.
Global sales of light vehicles are expected to increase 3 percent this year and 3 percent in 2015, according to Moody's.
"China continues to be the main buyer of light vehicles," Moody's Senior Analyst Bruce Clark wrote in the report. "Its share of [global sales] is set to rise from 27% this year to 28% in 2015."
Although sales growth in China is slowing, that market will continue to expand "in the medium term, spurred by China's relatively high economic growth and relatively low vehicle penetration."
Moody's did not issue a specific sales forecast for China in 2015.
The report forecasts U.S. sales will grow 2 percent in 2015, compared with 4 percent this year. In Western Europe, auto sales are expected to rise 5 percent this year and 2 percent in 2015.
"China continues to be the main buyer of light vehicles," Moody's Senior Analyst Bruce Clark wrote in the report. "Its share of [global sales] is set to rise from 27% this year to 28% in 2015."
Although sales growth in China is slowing, that market will continue to expand "in the medium term, spurred by China's relatively high economic growth and relatively low vehicle penetration."
Moody's did not issue a specific sales forecast for China in 2015.
The report forecasts U.S. sales will grow 2 percent in 2015, compared with 4 percent this year. In Western Europe, auto sales are expected to rise 5 percent this year and 2 percent in 2015.
