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Global Car Manufacturing Industry Grew By 4.8% in 2011
The global car manufacturers industry grew at a strong rate in 2011. Some of this growth was encouraged by certain government schemes to encourage purchase of cars which shows that the market is seen as vital to the economic wellbeing of many different countries. This is both in terms of manufacturing and consumer markets. It also allows certain countries to strengthen their export markets as many cars manufactured in regions such as Asia-Pacific are shipped globally with some brands having a large presence across the globe.
The global car manufacturing industry grew by 4.8% in 2011 to reach a value of $803.1 billion, representing a compound annual growth rate (CAGR) of 0.9% for the period 2007-2011. Volumes also increased in 2011, growing by 2.7% to reach a volume of 56.821 million cars and representing a CAGR of 2.7%.
The Asia-Pacific region continues to dominate the industry and represents almost a half of the industry’s overall value. The major manufacturing centres of China and India have contributed heavily towards this as well as the major car brands of Japan and South Korea, like Toyota and Hyundai, whose global presence and demand has sustained these countries domestic manufacturing industry’s. The Asian-Pacific market is likely to be main driver of growth in future years as certain domestic economies have encouraged overseas investment as a result of lower manufacturing costs.
Europe continues to have a significant industry share with Germany being the largest regional market which has much to do with the country’s major car brands like Volkswagen and BMW possessing a significant global presence. Some of the more developed Western European markets have struggled in recent years with France, Italy, Spain and United Kingdom all affected. However, Europe’s position has been fortified somewhat by the strongly developing industry’s in Eastern Europe with Russia and the Czech Republic exhibiting strong growth.
The America’s car manufacturing industry is lagging behind its main rivals in terms of industry share. Much of this has to do with the struggles of the United States and Canadian Industries. The struggles of General Motors and Chrysler have been well documented and recovery for these giants of car manufacturing is only just getting underway.
The Asian-Pacific market is likely to be main driver of growth in future years as certain domestic economies have encouraged overseas investment as a result of lower manufacturing costs.
Looking towards the future European car policy certainly in Western Europe is heading towards proposals of encouraging the development and eventual widespread use of clean and energy efficient vehicles, as well as other forms of transportation like electric vehicles.
Car manufacturing in the America’s is heading towards countries like Brazil and Mexico who now produce more cars than their Northern rivals and it has much to do with the cheaper production costs involved.
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