Asia offers a bright spot for troubled global auto sector
Asia offers a bright spot for troubled global auto sector
Agence France-Presse, Singapore
Asia is set to become an increasingly important market for auto manufacturers with sales set to rise in coming years while global demand slumps, according to an industry report Monday.
Vehicle sales in Asia outside of Japan are projected to reach seven million units in 2002, up 12 percent from the 6.23 million units sold in the previous year, auto consulting firm autopolis said.
By 2010, total auto sales are expected to hit 10.6 million units with China slated to become the biggest market in the region with 4.75 million vehicles sold.
"With the prospects for global car and truck sales the poorest for more than a decade, Asia is becoming ever more critical to the world's troubled auto industry," autopolis said.
"Although there is growth in parts of eastern Europe and in Australia for now, it is the rest of Asia that will increasingly drive the industry for the next few years," it said.
China and Thailand will provide the biggest growth in auto demand with the region excluding Japan poised to grow at more than seven times the global average over the next decade.
Sales of vehicles in China are seen at nearly 2.8 million units in 2002, up from 2.35 million units in the previous year and the figure will rise to 4.75 million units in 2010.
Thailand, the other Asian market autopolis predicts will rank alongside China as the two most exciting, will see vehicle sales of 400,000 units this year compared with 297,000 in 2001.
The figure is projected to climb up to 585,000 units in 2010.
Elsewhere in the region, South Korea's auto sales this year will reach 1.64 million units, up from 1.45 million units in 2001 and by 2010, the figure will rise to 1.77 million units, autopolis said.
In the Philippines, 2002 auto sales are projected at 81,000 units from 77,000 units last year and will increase to 153,000 units in 2010.
Malaysia's auto sales in 2002 will hit 461,000 units, up from 396,000 last year and will total 620,000 in 2010.
In Indonesia, vehicle sales this year are seen at 329,000 units versus 300,000 units in 2001 and in 2010, 530,000 units will be sold, autopolis said.