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Review of 2010 Auto Component Market and Prospect in 2011
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2010-12-29
by Nai Chih Suei at Industrial Research Dept., MIRDC
1. Review of Global Automotive Industry in 2010
Entering the post-financial crisis era, the global automotive industry is heading toward 3 major developing trends:
Trend 1: The driving force of the global automotive market will accelerate to dislocate to new emerging markets
With the impacts of the financial crisis, the production and sales of the global automotive market in 2009 both dropped substantially, especially in Europe, the U.S., and Japan, whereas those of China hiked due to the substantial domestic demand and the carryout of new policies, successfully kicking the U.S. out to become the largest country for automotive production and sales, which is also expected to achieve 15 million units of car production by the end of 2010, which is also a new record high.
The demand for cars in the future will continue to grow due to the recovery in developed countries and the growth in new emerging markets. According to the forecast for global automotive production in the next 5 years by CSM, though the compound annual growth rate in the global market still remains 5.5%, CAGR in developed countries like Europe, the U.S, and Japan is merely 3.8%. By 2016, it is expected that nearly half of the car production worldwide will be from new emerging markets, including South Asia, China, Central/East Europe, South America, the Middle East/Africa, etc (See Figure 1). The sale of cars in the world is expected to get back to the level of 2007 by 2011. Since the market in North America, West Europe, and Japan were severely stricken, the time for recovery should be longer.
Figure 1. Prospect for Global Automotive Production from 2010 to 2016
Source: CSM Worldwide / Industrial Research Dept., MIRDC (2010/09)
Full contents will be published in Fastener World Magazine (Issue 127) and Industrial Components & Auto Parts Magazine (Issue 10).
