John's Journal: John McElroy's multimedia blog about the automotive industry

AUTOMOTIVE INSIGHT: The Global Auto Market is Booming

August 26th, 2008 at 5:30pm

As heard on
WWJ Newsradio 950

Listen to this story:

Earth

The automotive market is all doom and gloom, until you step back and look at it on a global basis.

Last year, the car companies of the world built 73 million new vehicles. That was a jump of 4 million vehicles compared to the year before, which was 3 million more than the year before that, and 2 million more than the year before that.

So where is all this automotive growth taking place? Well we all know that China and India are growing strong, but guess what? There are many other countries growing far faster than them. Last year, for example, the fastest growing car market in the world, on a percentage basis, was Slovakia. The next fastest growing market was Uzbekistan, followed by Hungary, and then Ukraine.

Who would have ever thought that countries like these would be powering the growth in the auto industry? Just goes to show how much the world has changed, and why there’s so much opportunity for those who compete in the global market.

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