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With China and India Leading the Decline, "Emergent Brake" on Global Auto Market

By Chen Can Aug 02, 2019

Recently, Japanese media Japanese Economic News statistics major global auto market sales data, and according to the statistical result, China, USA, Europe (main country), India, Japan market in the total sales of the second quarter reach about 16 million vehicles which mean 13% year-on-year declining, setting a new highest record in history in single-quarter sales. Among them, the sales volume of the automobile market in China and India fell by more than double digits in the second quarter of the year, and the decline was “leading the world”.

According to sales figures quoted by the Japanese Economic News, China's auto market sales were 5.94 million vehicles in the second quarter of 2019. It was increased by 13.5% year-on-year, and the decline was 2% higher than the first quarter. The media explained that the cause of the downturn in China's auto market was the decline in the global economy and the intention of consumers to buy cars caused by trade friction. The Indian auto market is also not optimistic. In the second quarter, Indian auto sales fell 16.6% year-on-year, and the decline amplitude rise sharply from the first quarter. It is understood that due to the default of a large number of financial institutions, Indian car loans have been tightened since September last year, and sales in the Indian car market have continued to decline since November.

汽车之家

In the rest of the global markets, the auto-car markets of USA and European (main countries) are all in decline trend. Although the Japanese auto-car sales are still growing, industry insiders are also still looking down on the Japanese auto-car market as its sales tax rate is set to rise in October 2019.

Due to the unsatisfactory performance of the major cities and regions in the world, IHS Markit, a survey company in UK has lowered its global market sales forecast for 2019 to 91 million, which is decreased by 2% from 2018. If the facts are as expected by the survey company, then the world will see a year-on-year decline in the auto market for the first time in two years since the 2008-2009 economic crisis. Considering the huge influence of the auto industry, the global economy may continue to fall under the influence of the decline of the auto market.

汽车之家

But for now, the future of the global auto market is unlikely to be as gloomy as someone estimated. In China, due to the official implementation of the "National VI" standard in most regions, consumers' "hang on to their spare cash" mood is gradually disappearing . In addition, some Chinese cities have relaxed the restrictions on vehicle registration plates, and the Chinese government is actively introducing consumption stimulus policies. In the United States, due to lower car loan interest rates, auto market sales have shown a certain recovery trend. (Source: Japan Business News; Editors/Autohome Chen can)

 

 


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