Auto sales to accelerate in 2014

More people are buying automobiles across the globe, says the latest Scotiabank Global Auto Report.

In Canada, purchases “are expected to edge up to a record 1.76 million units in 2014, with volumes boosted by an improving labour market and the best vehicle affordability in more than three decades,” says Carlos Gomes, Scotiabank’s senior economist and auto industry specialist.

He adds, “Volumes in Western Europe began to stabilize in the second half of 2013 and are forecast to increase next year for the first time since 2009, helping to lift global car sales to record highs.”

Report highlights include:

• China will continue to be the main driver of global car sale volumes. It’s accounted for nearly half of the increase in global car sales over the past decade and for more than 60% of the improvement seen this year.
• In the U.S., passenger vehicle purchases are expected to climb to 16 million units in 2014—the highest level since 2007, as households and businesses continue to replace aging vehicles.
• The U.K. and Spain have been the strongest European auto markets over the past year and are expected to lead the way in 2014.

Read:

Be thankful for pent-up demand

Car sales and production rise: Scotiabank

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.